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Russia's Lukoil reports fourth-quarter profit on higher oil price
March 14, 2017 / 11:50 AM / 9 months ago

Russia's Lukoil reports fourth-quarter profit on higher oil price

MOSCOW (Reuters) - Lukoil (LKOH.MM) reported a fourth-quarter profit on Tuesday as higher crude prices helped Russia’s No.2 oil producer rebound from a loss a year earlier.

A worker checks a valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, in this January 25, 2016 file photo. REUTERS/Sergei Karpukhin/File Photo

Its net profit of 46.6 billion roubles (651.5 million pounds) was in line with the 45 billion forecast by analysts polled by Reuters.

A year earlier it suffered a net loss of 65 billion roubles.

Lukoil’s shares were up 1.62 percent as of 1128 GMT, outperforming a 0.73 percent rise in the Moscow broader stock market .

Last month, Lukoil’s larger domestic rival Rosneft (ROSN.MM) reported a small decline in 2016 net income.

Lukoil, whose name comes from the names of west Siberian towns Langepas, Urai and Kogalym, has struggled with falling oil production at its brownfield sites.

Its oil output fell by 9 percent last year.

    The average price of Russia’s flagship Urals oil blend in the fourth quarter rose by 14 percent to $46.90 per barrel.

    For the whole of 2016, the average price fell by 18 percent to $41.14 per barrel.

    Fourth-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to 183.3 billion roubles from 186.3 billion on revenue of 1.40 trillion, up from 1.37 trillion.

    Free cash flow fell to 54.6 billion roubles from 104.7 billion.

    Reporting by Olesya Astakhova and Vladimir Soldatkin; editing by Jason Neely

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