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Lukoil Slips in U.S. as Data Shows 2012 Oil Output Fell

Jan. 2 (Bloomberg) -- OAO Lukoil dropped in New York after data showed Russia’s second-biggest oil producer failed to boost domestic production last year even as the nation’s crude and condensate output climbed to a post-Soviet record.

American depositary receipts of Lukoil fell 0.7 percent to $67 in New York, the biggest one-day slide since Dec. 21. Trading volumes were more than double the daily average over the past three months, data compiled by Bloomberg show, with the Moscow Exchange closed for a holiday. Lukoil was the biggest decliner on the Bloomberg Russia-US Equity Index of the most-traded Russian stocks in the U.S.

Lukoil, which trails state-backed oil producer OAO Rosneft by output, and OAO Slavneft were the only Russian oil producers tracked by the Energy Ministry that saw production decline in 2012, data from the ministry’s CTEK unit showed. The country’s crude and condensate production climbed 1.1 percent in 2012 from a year ago, according to the data. Lukoil’s output fell 0.8 percent in 2012 from 2011, while Rosneft’s rose 2.6 percent.

Moscow-based Lukoil is seeking to increase production outside of Russia and is planning new wells in Africa, Andrei Kuzyaev, head of its overseas unit, said Dec. 5.

To contact the reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net

To contact the editor responsible for this story: Emma O’Brien at eobrien6@bloomberg.net

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