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Lukoil swung back into profit in the 4th quarter of 2016

Lukoil swung to a profit in the final quarter of last year, helped by the strengthening price of oil.

Lukoil swung back into profit in the 4th quarter of 2016 Lukoil swung back into profit in the 4th quarter of 2016


Lukoil swung to a profit in the final quarter of last year, helped by the strengthening price of oil, the company reported on March 14, 2017.

 

The company posted a net profit of 46.6 billion rubles ($789 million) for the last 3 months of 2016, compared with a net loss of RUB 65 billion in 2015.

 

Net profit for 2016 was down 28% on 2015 at RUB 206.8 billion, due to fluctuations in the exchange rate.

 

Lukoil, like other Russian oil companies, has been somewhat protected from the slump in oil prices in the past 2 years as the ruble weakened against the dollar and some taxes fell along with oil prices.

 

The company reversed a trend of falling domestic production, driven by slumping output at its core Western Siberian fields, in the 4th quarter, as it ramped up production at 2 new fields.

 

In a separate statement , Lukoil reported that the accumulated production of natural gas at Pyakyakhinskoye oil and gas condensate field has exceeded 400 million cubic meters since the start of gas production in January 2017.

 

The total accumulated oil and gas condensate production exceeded 600,000 tons from the launch of commercial production on this field in October of 2016.

 

To read the full story in Russian.

 

 

Source : Neftegaz.RU