Support The Moscow Times!

LUKoil Blames High Tax and Expenses for 12% Q3 Earnings Fall

LUKoil announced a 12 percent drop in third-quarter net profit Tuesday compared to a year earlier, blaming higher taxes and expenses.

The company has been struggling to arrest declining production for the last three years and has increased its exposure to international oil projects, including in Iraq, to fight off a fall in output at its core and depleted west Siberian fields.

Its net profit of $3.1 billion for the third quarter was just shy of an analysts' consensus forecast of $3.2 billion. Quarterly sales, however, rose 3.5 percent from the year-earlier period to $36.7 billion, beating analysts' forecasts for a 2 percent rise.

Capital expenditures in exploration and production jumped by almost a third to $1.9 billion in January to September on the back of investments in that field and other projects.


… 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.

paiment methods
Not ready to support today?
Remind me later.

Read more