Profits At Russia’s Lukoil Double On Higher Oil Prices


Lukoil, Russia’s second-largest crude producer, saw profits jump by nearly half in 2018 on higher oil prices and a weaker rouble, the company said on Monday. Profits for the full year rose 47 per cent to Rbs619bn ($9.4bn) while revenues increased 35 per cent to Rbs8tn. Earnings were bolstered by a weaker rouble and higher oil prices, as Brent rose 8 per cent on the year while Russia’s main export blend Urals rose 11 per cent. The company’s 2018 foreign exchange gain also came in contrast with a loss in 2017. Nevertheless, falling oil prices at the end of the year slowed the company’s profit growth: in the third quarter, profits had nearly doubled on the year, while in the final quarter profits rose 32 per cent year-on-year to Rbs159bn, while revenue rose 23 per cent to Rbs2.04tn.

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"The next 10-15 years will be a period of stable development for the oil industry and prices will remain relatively high at $60-$70/b," said Vagit Alekperov, the CEO of Lukoil, Russia's second-largest crude producer.

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Good news for the regime. More money in Putin's pocket...

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2 minutes ago, 50 shades of black said:

"The next 10-15 years will be a period of stable development for the oil industry and prices will remain relatively high at $60-$70/b," said Vagit Alekperov, the CEO of Lukoil, Russia's second-largest crude producer.

Idle gossip. What did Vagit Alekperov say 10-15 years ago?

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Today LUKOIL is in 11 States + DC. They also have a major presence in Texas.

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Biggest Oil Companies In The World

Company          Bln $
Saudi Aramco  465.49 
Sinopec Group 448 
China National Petroleum Corporation 428.62 
Exxon Mobil 268.9 
Royal Dutch Shell 265 
Kuwait Petroleum Corporation 251.94
BP 222.8 
Total SA 212 
Lukoil 144.17 
Eni   131.82

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13 hours ago, ThunderBlade said:

Biggest Oil Companies In The World

Company          Bln $
Saudi Aramco  465.49 
Sinopec Group 448 
China National Petroleum Corporation 428.62 
Exxon Mobil 268.9 
Royal Dutch Shell 265 
Kuwait Petroleum Corporation 251.94
BP 222.8 
Total SA 212 
Lukoil 144.17 
Eni   131.82

They don't really compare. Saudi Aramco is primarily a crude oil producer. Sinopec mostly buys their oil, Aramco is overwhelmingly  upstream, the other mostly downstream. I think Sinopec has almost 250,000 employees, holy cow, I can't image. 

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