Seeking Alpha

Lukoil net profit doubles but misses expectations

  • Lukoil (LUKOY.PK, LUKOF.PK) says its Q2 net profit more than doubled - to $2.1B vs. $1.02B - from last year, when it was hit by a large income tax expense; analysts had forecast $2.25B.
  • Revenues grew 8.2% to $35.1B from $32.4B last year; analysts had foreseen flat sales.
  • EBITDA increased 25.9% to $4.36B from $3.46 a year ago, in line with expectations.
  • Total production rose 2.3% Y/Y to 2.19M boe/day.
  • Lukoil acquired the Samara-Nafta oil producing company from Hess during Q2, boosting results.
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