Moscow — Russian oil producer Lukoil said on Tuesday it had reversed a loss into a profit of 50.4 billion roubles ($664 million) in the third quarter thanks to a rise in oil prices, while it had boosted oil output in Russia and Iraq.
Lukoil has faced a pandemic fallout as well as a weaker rouble, which has inflated its debt, denominated in foreign currencies. The company’s output has been also constrained by a global deal on production curbs.
It had finished the second quarter with a loss of 18.7 billion roubles.
The company said on Tuesday it had started to boost its output at West Qurna-2 oil field in Iraq from the middle of October, by around 30,000 barrels per day (bpd), after cuts of around 70,000 bpd from May 1 and by 50,000 bpd more from mid-June, in accordance with the deal.
Lukoil, whose largest shareholders are its head, Vagit Alekperov, and vice-president Leonid Fedun, also said it had raised its oil output in Russia.
The company said sales rose to 1.46 trillion roubles in the July – September quarter from 986.4 billion roubles in April – June.
The growth was mainly attributable to higher hydrocarbon prices, higher production of refined products at the group’s refineries, as well as higher trading and retail sales volumes, Lukoil said in a statement.
The company also began to recover its natural gas production in Uzbekistan in September.
$1 = 75.9280 roubles
(Reporting by Vladimir Soldatkin and Olesya Astakhova, editing by Louise Heavens)