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Lukoil slips in New York as Metropol downgrades stock on results

March 07/2012
(bloomberg) -- OAO Lukoil  fell for the first time in four days in U.S. trading as IFC Metropol cut shares of Russias second-largest oil producer to hold from buy after it reported a decline in fourth-quarter profit.

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 companys 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 companys stock on Moscows 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.

Author:Anna Larionova
Category:General News
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