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Lukoil net profit falls 58% in lower oil prices

06 June 2016 10:47 (UTC +04:00)

Baku - APA-Economics. Russia's No. 2 oil producer OAO Lukoil said first-quarter net profit more than halved compared to the same period in 2015 because of lower oil prices, Market Watch reported.

Net profit dropped 58.8% to 42.8 billion rubles ($651 million) as Revenue fell 18.2% to RUB1.18 trillion. Free cash flow declined 42.1% to RUB36.4 billion.

Lukoil's daily hydrocarbon production was down 0.6% at 2.35 million barrels of oil equivalent. The company ramped up production at its West Qurna-2 project in Iraq, but output slid in its main Soviet-era fields in Western Siberia.

Lukoil stock rose 1% in Moscow after the results were published Monday morning, slightly behind the rest of the market