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. Last Updated: 07/27/2016

Surgutneftegaz Profits

MOSCOW -- Surgutneftegaz, Russia's third-biggest oil producer, said its first-half profit fell 24.3 percent as a slump in world oil prices offset a small rise of oil and gas production.

Profit in the six months to June 30 slid to 963.6 million rubles ($84.9 million) from 1.27 billion rubles in the first half of last year. The firm had said earlier this year it planned to cut production costs to fight low world prices for crude.

Surgutneftegaz sticks to timely payment of taxes and abstains from heavy international borrowing, usually secured by crude exports. Still, the company depends on crude exports as its main source of revenue because of difficulties collecting cash for domestic deliveries.