LUKoil Profit Doubles
- Sep. 02 2013 00:00
- Last edited 20:17
Russia's No. 2 oil producer, LUKoil, posted a doubling in second-quarter net income, just missing forecasts as a weaker ruble and higher-than-expected taxes dampened a rise in sales and the impact of an acquisition.
LUKoil said Friday that its second-quarter net income jumped to $2.1 billion, flattered by a weak performance in the same period last year when earnings were hit by a higher tax bill. However, that missed analysts' average forecast of $2.25 billion.
LUKoil has been struggling with a decline in oil production at its depleted fields in Western Siberia, which account for more than a half of its resource base.
LUKoil also said it planned to extract the first oil from the giant West Qurna-2 field in southern Iraq in November, the company's vice president said Friday.