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Lukoil Second-Quarter Profit Up 14% as Iraqi Oil Output Starts

OAO Lukoil, Russia’s second-largest oil producer, said profit rose 14 percent in the second quarter after it began output in Iraq.

Net income increased to $2.39 billion from $2.1 billion a year earlier, the Moscow-based company said in a statement on its website. That missed the $2.65 billion average of 11 analyst estimates compiled by Bloomberg. Sales expanded 9 percent to $38.2 billion. Earnings before interest, taxes, depreciation and amortization gained 24.7 percent to $5.44 billion.

Lukoil loaded its first tanker of oil at the southern Iraqi port of Basra July 30 after starting output in March at the West Qurna-2 deposit, its largest. It’s also working to start fields in the Caspian Sea and Siberia to increase production. Capital spending in the first half rose 11 percent to $7.7 billion. West Qurna-2 added $1.02 billion to Ebitda in the second quarter.

“Delivery on West Qurna-2 is a supportive factor for Lukoil’s shares as we believe that few investors attribute any value to the asset,” Dmitry Loukashov, an oil and gas analyst at VTB Capital, said in a research note published yesterday.

Oil and natural-gas output rose 5.5 percent to 2.31 million barrels of oil equivalent a day in the quarter. Oil climbed to 2 million barrels a day, and gas fell to 311,000 barrels a day.

Risks related to armed unrest in Iraq haven’t hurt Lukoil’s financial situation, while the company doesn’t see potential losses resulting from conflict in Ukraine, it said.

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