Russia's Lukoil posts 71 pct rise in Q1 profit

AP News
|
Posted: May 26, 2011 6:32 AM
Russia's Lukoil posts 71 pct rise in Q1 profit

Russia's second largest oil producer, Lukoil, says its profit rose by 71 percent to $3.5 billion in the first quarter of the year as higher oil prices helped to offset weaker oil output.

The Moscow-based firm said in a statement on Thursday that its profit for the January-March period was up from $2 billion a year ago.

Lukoil, Russia's biggest private oil company, said its sales rose to $29.6 billion from $23.9 billion within that period.

The price for Urals, Russia's benchmark export crude blend, increased by more than 30 percent in that period year-on-year, analysts estimate.

Strong oil prices helped to offset weak numbers in crude oil production which, Lukoil, said, fell by 5 percent in a year, to 22.8 million tons.