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Share Name | Share Symbol | Market | Type |
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Casino Guichard Perrachon | AQEU:COP | Aquis Europe | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.029 | 1.21% | 2.4285 | 2.4015 | 2.449 | 2.4455 | 2.371 | 2.3915 | 14,876 | 16:15:55 |
Russia's second-biggest oil producer OAO Lukoil Holdings (LKOH.RS) Friday said second-quarter net profit dropped 44% on the year as oil prices fell, but beat expectations due to higher downstream sales and output at the Yuzhnoye Khylchuyu field.
Lukoil, 20% owned by ConocoPhillips (COP), said net profit from April to June under U.S. Generally Accepted Accounting Principles fell to $2.32 billion from a net profit of $4.13 billion a year earlier. The figure was considerably above a Dow Jones Newswires poll of eight analysts, who had forecast $1.76 billion.
But this was more than double the net profit in the January to March period as export duties lagged behind and oil prices climbed.
"The results are definitely very strong," said analyst Oswald Clint at Bernstein brokerage in London. He noted that the numbers came in higher than expected due to greater sales in the downstream segment, in particular at Lukoil's Italian ISAB refinery.
"I'm not sure if this trend is sustainable, as European downstream netbacks are likely to decrease into the next quarter," Clint added.
Revenue was down 37% to $20.12 billion from $31.94 billion in the same period last year, as oil prices fell but despite a 4.8% rise in crude production in the quarter.
The increase in output came on the back of new production at the Yuzhnoye Khylchuyu oil field, located in the Timan-Pechora region. The field produced 1.7 million tons of crude oil - or almost 140,000 barrels a day - in the quarter.
Deutsche Bank said that Lukoil managed to beat expectations due to higher output and better margins at the field. "It seems we underestimated production at the Yuzhnoye Khylchuyu field," added Deutsche Bank analyst Tatiana Kapustina.
Earnings before interests, taxes, depreciation and amortization, or Ebitda, fell to $4.12 billion from $6.23 billion.
Since bottoming in mid-February, Lukoil's stock has gained more than 70% this year.
At 0741 GMT, Lukoil's ADRs in London were trading up 3.3% at $50.3 each, slightly down from a year high of $57.4 reached in early June.
Company Web site: www.lukoil.com
-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 937 8445; jacob.pedersen@dowjones.com
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