Lukoil Cash Pile Mounts Even as Crude Collapse Erodes Profit
- Company helped by gains in Iraq, weak ruble, Gazprombank says
- West Qurna barrels offset decline in West Siberian production
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Lukoil PJSC, Russia’s second-largest oil producer, saw its cash pile triple last year even as profit sank.
Free cash flow totaled 248 billion rubles ($3.7 billion), the company said Monday in a statement. That compares with 76 billion rubles a year earlier, according to Gazprombank JSC analyst Alexander Nazarov, who attributed the growth to gains in Iraq and a weaker ruble.