American depositary receipts of Lukoil dropped 0.6 percent to USD65.01 at 4:57 p.m. in New York, the biggest drop since Feb. 22. Moscow-based Lukoil had fourth-quarter net income of USD1.35 billion, down from USD2.19 billion in the same period a year earlier, according to a filing on March 1.
The company's fourth-quarter lifting costs increased 6 percent to USD4.60 a barrel and climbed 14 percent in 2011, the ⌠sharpest rise among Russian oil companies.
Lukoil recorded an impairment charge of USD955 million in the fourth quarter at its OOO Narianmarneftegaz venture with ConocoPhillips. (COP) Fourth-quarter operating cash flow dropped 56 percent to USD2.2 billion, with capital expenditure rising 33 percent to USD2.7 billion, the company said.
The company's stock on Moscow's Micex Index added 0.9 percent to 1,909.20 rubles, or the equivalent of USD65.05. One Lukoil ADR is equal to one ordinary share.