Friday, June 05, 2009
Lukoil profits drop 71%
06-03-2009 - Upstream OnLine - Russian producer Lukoil posted a 71% drop in net income for the first quarter of 2009, despite lower spending and lift costs per barrel compared to the same period last year. Net income for the quarter came in at $905 million, compared with $3.16 billion in the same period last year. Lifting costs per barrel of oil equivalent during the quarter decreased by almost 20% year-on-year to $3.10 from $3.86, said the company in a statement. Capital expenditure, including non-cash transactions, for the quarter was $1.5 billion, 39.2% lower than last year, added the statement. Revenue was down 41% to $14.75billion from $24.96 billion, mainly due to lower oil prices and despite a 3.2% rise in crude production in the quarter. Earnings before interests, taxes, depreciation and amortisation, or Ebitda, halved to $2.41 billion from $4.81 billion. Analyst's forecast for the company differed dramatically. A Reuter’s poll resulted in a consensus forecast of $1.1, while a Dow Jones poll of 10 analysts had forecast $595 million.