Support The Moscow Times!

LUKoil Profit Doubles

Russia's No. 2 oil producer, LUKoil, posted a doubling in second-quarter net income, just missing forecasts as a weaker ruble and higher-than-expected taxes dampened a rise in sales and the impact of an acquisition.

LUKoil said Friday that its second-quarter net income jumped to $2.1 billion, flattered by a weak performance in the same period last year when earnings were hit by a higher tax bill. However, that missed analysts' average forecast of $2.25 billion.

LUKoil has been struggling with a decline in oil production at its depleted fields in Western Siberia, which account for more than a half of its resource base.

LUKoil also said it planned to extract the first oil from the giant West Qurna-2 field in southern Iraq in November, the company's vice president said Friday.

… 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.

Continue

Read more