(upstreamonline) -- Higher oil
and gas prices sent net profit rising at Russian energy giant Lukoil in the
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.