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LUKOIL’s sales down by more than 8%

Oil&Gas Materials 27 November 2019 11:54 (UTC +04:00)
LUKOIL’s sales down by more than 8%

BAKU, Azerbaijan, Nov.27

By Leman Zeynalova – Trend:

In the third quarter of 2019, sales of Russia’s LUKOIL company were 1,952.3 billion rubles (1 ruble equals to $0.016), 8.1 percent down quarter-on-quarter, Trend reports with reference to the company.

Reportedly, the decrease was due to lower oil prices and a decrease in trading volumes.

“These factors were partially offset by a seasonal increase in refined products sales volumes in Russia,” said the report.

This is while for the first nine months of 2019, the company’s sales amounted to 5,928.8 billion rubles, which is 1.1 percent lower year-on-year.

“Sales were negatively affected by lower oil prices in dollar terms and a decrease in refined products trading volumes. These factors were almost completely offset by ruble depreciation, higher oil production and trading volumes, as well as an increase in gas prices and gas production volumes outside Russia,” LUKOIL said.

For the first nine months of 2019, profit attributable to LUKOIL’s shareholders amounted to 520.9 billion rubles, 13.2 percent up year-on-year. “The growth was constrained by lower non-cash foreign exchange gain.”

“In the third quarter of 2019, profit grew by 5 percent quarter-on-quarter and amounted to 190.4 billion rubles. Lower effective income tax rate had a positive impact on the dynamics of our profit for the quarter,” said the company.

LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting for more than 2 percent of the world's oil production and around 1% of the proved hydrocarbon reserves.

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Follow the author on Twitter: @Lyaman_Zeyn

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