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Lukoil First-Quarter Net Income Slumps 32%, Missing Estimates

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May 28 (Bloomberg) -- OAO Lukoil, Russia’s second-largest oil producer, said first-quarter profit plunged 32 percent after Urals prices declined and income tax rose.

Net income dropped to $2.58 billion in the first three months of the year from $3.79 billion a year earlier, the Moscow-based company said today in a statement. That missed the $2.75 billion average adjusted estimate of nine analysts surveyed by Bloomberg News. Sales decreased 4.2 percent to $33.8 billion from $35.3 billion a year earlier.

Profit at Lukoil fell more than at Russia’s largest oil company, OAO Rosneft, with a first-quarter slump of 13 percent, and OAO Gazprom Neft, the country’s fourth-largest producer, with a decline of 18 percent. The average price of Urals crude, the nation’s benchmark export blend, declined more that 5 percent in the first quarter from a year earlier, Lukoil said.

Crude and gas output was little changed at 2.196 million barrels of oil equivalent a day in the quarter, Lukoil said.

In April, Lukoil spent $2.05 billion to buy Russian oil producer Samara Nafta and $400 million for 49.99 percent of Kama-Oil to raise its stake to almost 100 percent, as it bids to ensure growth.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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