Saturday, July 28, 2007
ConocoPhillips share in Lukoil net profit up 23% in 1H07, $782 mln
MOSCOW, July 25 (RIA Novosti) - The share of U.S. ConocoPhillips in the net profit of Russia's oil major LUKoil [RTS: LKOH] grew 23% in the first six months of this year, to $782 million, the company said Wednesday. It also said its share in Lukoil's net profit in the second quarter of 2007 grew 35%, to $526 million, year-on-year, from $387 million in the same period last year. LUKoil is a vertically integrated oil company based in Moscow, with upstream operations concentrated in western Siberia. It accounts for roughly 1.3% of world oil reserves, about 2.1% of world production, and 18% of production and refining in Russia. Outside Russia, LUKoil has three refineries in Europe and runs a network of nearly 800 gas stations in the U.S., bought last year from ConocoPhillips, which holds a 20-% stake in LUKoil. ConocoPhillips is a major player on the liquefied natural gas (LNG) market.