• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 7 mins WTI @ $75.75, headed for $64 - 67
  • 5 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 1 min The Dirt on Clean Electric Cars
  • 9 hours OPEC's No. 2 Producer Wants to Know How Buyers Use Its Oil
  • 3 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 11 hours Iranian Sanctions - What Are The Facts?
  • 5 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 5 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 4 hours EU to Splash Billions on Battery Factories
  • 2 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 12 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 12 hours Superhumans
  • 1 hour Nopec Sherman act legislation
Oil’s $133 Billion Black Market

Oil’s $133 Billion Black Market

With oil prices back on…

EIA Inventory Count Accelerates Oil Price Slide

EIA Inventory Count Accelerates Oil Price Slide

Oil prices continued to slide…

Russia’s Lukoil Beat Forecasts With 45.5% Surge In Q1 Profit

Lukoil

Higher oil prices and higher sales volumes helped Russia’s second-biggest oil producer Lukoil to post a 45.5 percent annual jump in net profit for the first quarter of 2017, beating analyst projections by a wide margin.

Lukoil’s profit rose to US$1.1 billion (62.3 billion rubles), which represented a 33.7-percent increase from the fourth quarter of 2016.

Analysts surveyed by Reuters had expected Lukoil’s profit to have increased by 16 percent on the year in Q1, to US$884.5 million (50 billion rubles).

Lukoil’s Q4 2016 profit was US$824 million (46.6 billion rubles)—slightly higher than analyst expectations, but 15 percent lower compared to the third quarter. The fourth-quarter profit decline compared to the third quarter was the result of volatility in the exchange rates, the company said in March.

In Q1 2017, Lukoil’s sales rose by 2.2 percent on the quarter and 21.6 percent on the year, to US$25.3 billion (1.432 trillion rubles). The yearly increase in sales was mostly attributed to “the higher sales prices, as well as higher sales volumes of crude oil and refined products internationally resulting from the increase in trading volumes,” Lukoil said in its results release on Tuesday.

Earnings before interest, tax, depreciation, and amortization (EBITDA) rose by 13.3 percent sequentially and by 8.2 percent annually, to US$3.67 billion (207.6 billion rubles). The higher EBITDA in Q1 2017 was the result of growth of high-margin volumes in overall production, improvement in the refined product slate at refineries, and lowered selling, general, and administrative expenses. The ruble appreciation, higher excise taxes on refined products, and higher transportation tariffs partially offset the EBITDA result, Lukoil said.

Capital expenditures dropped by 6.8 percent on the quarter and rose 3.5 percent year-on-year. Lukoil’s free cash flow before changes in working capital was US$1.187 billion (67.1 billion rubles), up 16.8 percent on the year and up 74.8 percent quarter-on-quarter.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News