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Lukoil up on high oil prices

May 29/2012

(upstreamonline) -- Higher oil and gas prices sent net profit rising at Russian energy giant Lukoil in the first quarter.
The company also had to deal with rising costs with capital expenditure up 43% year-on-year to USD2.5 billion.

Net profit for the three months to the end of March was USD3.79 billion as against USD3.52 billion in the comparable period a year ago.

Revenues spiked from USD29.63 billion to USD35.26 billion with the price of hydrocarbons climbing from a year ago while the per barrel of oil equivalent lifting cost remained steady at USD4.70.

The amount of hydrocarbons produced for sale rose 0.4% to 200 million boe while gas production was up, helped in large part by a 70.2% increase in gas produced in Uzbekistan.
Author:Anna Larionova
Tags:oil, neftehimiya, Lukoyl-Neftehim.
Category:General News
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