Lukoil, 2nd largest producer of crude oil in Russia, reported on November 29, 2017, that its sales and earnings rose in the Q3 2017 from the prior quarter, boosted by higher hydrocarbon prices.
For the 1st 9 months of 2017 sales increased by 11.7% year-on-year to 4,274.3 bln RUB.
The growth was mainly driven by higher hydrocarbon prices as well as the increase in crude oil trading volumes, partially offset by stronger ruble and lower volumes of compensation crude oil from the West Qurna-2 project in Iraq.
In the 3rd quarter of 2017 sales were 1,483.5 bln RUB, up 9.1% quarter-on-quarter primarily due to the higher hydrocarbon prices, as well as higher retail and wholesale sales volumes of own refined products in Russia and abroad, partially offset by lower trading volumes of refined products.
For the 1st 9 months of 2017 EBITDA increased to 607.8 bln RUB, or by 11.0% year-on-year. In the 3rd quarter of 2017, EBITDA increased by 23.5% quarter-on-quarter to 221.1 bln RUB.
For the 1st 9 months of 2017 profit attributable to Lukoil shareholders was 298.3 bln RUB, up 86.2% year-on-year. In the 3rd quarter of 2017 profit decreased by 29.8% quarter-on-quarter to 97.3 bln RUB.
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