Moscow — Lukoil, Russia’s second biggest oil producer, on Friday reported a second-quarter net profit of 189.8 billion roubles ($2.6 billion), helped by higher oil and gas prices after a loss of 18.7 billion a year earlier.
Output curbs by the OPEC+ group of leading oil-producing nations have helped support prices. The group has started to gradually phase out the cuts amid the global economic recovery.
Lukoil said its crude oil production in Russia in the second quarter was up about 170,000 barrels per day (bpd) versus May 2020.
Output fell at certain international projects. In particular, the West Qurna-2 project in Iraq was approximately 50,000 bpd below the project’s capacity.
The company said it was targeting 4% in hydrocarbon production growth this year excluding West Qurna-2, while its capital expenditure was seen rising next year to around 500 billion roubles from 470-490 billion roubles this year.
It said it maintained plans of reaching a production target at the oilfield of 700,000 bpd by 2030.
Lukoil said earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 339.8 billion roubles from 137.2 billion.
Free cash flow rose to 212 billion roubles from 25.5 billion.
$1 = 73.9780 roubles
- Reuters (Reporting by Olesya Astakhova and Vladimir Soldatkin; editing by Kirsten Donovan and David Evans)
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