MOSCOW (MRC) -- The company’s net debt also grew in the period but it maintained that it "continues to show the best financial efficiency in the industry", said Upstreamonline.
Net profit for the first three months of the year was USD2.58 billion, down from USD3.79 billion a year earlier.
At the top end, revenues sank from USD35.26 billion to USD33.77 billion as production dropped 0.8%.
Barrel of oil equivalent lifting costs were, however, down 1.5% from the fourth quarter last year.
However, the effect of foreign exchange differences on Lukoil’s tax liability sent the tax cost soaring from USD367 million in the first quarter last year to USD789 million this time around.
Lukoil contended in Tuesday’s release, however: "Measures aimed at higher efficiency and cost control allowed the company to assuage the fall of financial indicators and maintain high operating efficiency in unfavorable external economic conditions."
As MRC wrote earlier, Lukoil reported its net profit for the final three months of 2012 nearly doubled year-on-year, when it was hit by a nearly USD1 billion write-off. Lukoil said net profit for the period totaled USD2.69 billion, compared with USD1.35 billion in 2011.
Lukoil is one of the leading vertically integrated oil companies in Russia. The main activities of the company include exploration and development of oil and gas, manufacturing and marketing of petroleum products.
MRC