- Lukoil (OTCPK:LUKOY, OTC:LUKOF) says Q1 net income fell 60% Y/Y to $690M from $1.73B in the year-ago period, missing analyst estimates, after crude prices collapsed and payments from Iraq declined.
- Lukoil says it received $642M in payments from Iraq’s West Qurna-2 field vs. $1.05B in the previous quarter, as government funds were eroded by lower oil prices and the rising cost of fighting Islamic State militants.
- Q1 revenues fell 35% Y/Y to $23.2B from $35.7B a year ago; capital spending totaled $2.43B, down 25% Y/Y, and the decline in investment boosted free cash flow, which quadrupled to $728M.