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Lukoil posted USD 6.7 billion in net income for the first half of 2011

September 02/2011

(Arabian oil and gas) -- Russian international oil company Lukoil has posted USD 6.7 billion in net income for the first half of 2011, an increase of 69.1% over the same period in 2010. Bumper profit resulted from consistently high oil prices over the first six months of the year, which more than compensated for the firm's 4.4% reduction in overall production to 2.1million barrels of oil equivalent per day in the same period and higher production costs per barrel.


EBITDA in the first half of 2011 was USD 10,688 million, up is 43.8% year-on-year, with sales revenues of USD 64,538 million.


In the first half of 2011, lifting costs per boe of production were $4.72, which is 17.4% higher year-on-year. The growth was mainly due to the real ruble appreciation, which was 15.0% in the first half of 2011.


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