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Wednesday, April 08, 2009

Russia's oil firm LUKoil posts 3.9% net profit decline in 2008

MOSCOW, April 7 (RIA Novosti) - Russia's largest independent oil producer LUKoil said on Tuesday its US GAAP unaudited net profit fell 3.9%, year-on-year, in 2008 to $9.14 billion. LUKoil, which accounts for about 1.3% of global oil reserves and 2.3% of world crude output, said its revenues in 2008 increased 31.5% to $107.68 billion. "The Company's operating cash flow increased by 31.5% to $14.312 billion in 2008, despite the global economic crisis and oil price fall. At the same time, LUKoil's free cash flow increased to a record of $3.775 billion, which is more than twice as much as in 2007," LUKoil said in a statement. The company's oil output declined 1.5%, year-on-year, in 2008 to 95.24 million metric tons (1.9 million barrels per day) while gas production rose 22% in the reporting period to 17.02 billion cubic meters, the statement said. LUKoil earlier announced plans to boost its oil output 1-1.5% in 2009.

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