Support The Moscow Times!

LUKoil Q1 Profit Up

LUKoil said Thursday in a statement that first-quarter profit increased 71 percent as rising crude prices outweighed a decline in production.

Net income climbed to $3.52 billion from $2.05 billion a year earlier. Urals crude prices for northwest Europe averaged about $102.55 a barrel in the period, 36 percent higher than a year earlier. The company's oil output declined 5 percent in the period to 1.87 million barrels a day. Sales rose 24 percent to $29.6 billion. Earnings before interest, taxes, depreciation and amortization advanced 43 percent to $5.34 billion.

LUKoil paid $1.78 billion in the first quarter for the potential acquisition of oil production assets. LUKoil's press service declined to comment on where or what the assets are.


… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more