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LUKOIL sees decrease in sales year-on-year

Oil&Gas Materials 11 March 2020 15:47 (UTC +04:00)
LUKOIL sees decrease in sales year-on-year

BAKU, Azerbaijan, March 11

By Leman Zeynalova - Trend:

The sales of Russia’s LUKOIL company for 2019 were RUB 7,841.2 billion, which is 2.4 percent lower year-on-year, Trend reports citing the company.

“Sales dynamics was negatively impacted by lower crude oil and refined products prices and a decrease in refined products trading volumes. The impact of these factors was partially offset by weaker ruble, an increase in crude oil sales volumes due to higher production and trading volumes, an increase in petrochemicals trading volumes, as well as higher international gas prices and gas production volumes,” LUKOIL said in its audited consolidated financial statements for 2019 prepared in accordance with the International Financial Reporting Standards (IFRS).

In the fourth quarter of 2019 sales amounted to RUB 1,912.4 billion, 2 percent lower quarter-on-quarter, reads the report.

“Lower sales were due to stronger ruble and lower refined products sales volumes driven by lower refining throughput. The impact of these factors was partially offset by higher crude oil and refined products prices in dollar terms, as well as higher international crude oil sales volumes from accumulated inventory,” said the company.

The report shows that in 2019, profit attributable to PJSC LUKOIL shareholders amounted to RUB 640.2 billion, 3.4 percent higher year-on-year. “The growth was constrained by higher depreciation and lower non-cash foreign exchange gain.”

“In the fourth quarter of 2019, profit attributable to shareholders amounted to RUB 119.3 billion, 37.3 percent down quarter-on-quarter. The decrease was mainly due to lower EBITDA,” said the report.

Capital expenditures were RUB 450 billion, almost unchanged year-on-year, according to LUKOIL.

“In the fourth quarter of 2019, capital expenditures increased by 24.6 percent quarter-on-quarter, to RUB 135.9 billion. The growth was mainly due to payment schedule to contractors.”

PJSC LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world in terms of proved hydrocarbon reserves and production; and the second largest producer of crude oil in Russia. The full production cycle includes oil and gas exploration, production and refining; production of petrochemicals and lubricants; power generation; marketing and distribution providing LUKOIL with maximum synergies from its activities.

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