Lukoil Quarterly Net Rises 67% on Oil Price, Beats Estimates
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OAO Lukoil, Russia’s second-largest oil producer, said profit rose 67 percent in the second quarter after crude prices climbed, outweighing a decline in output. The shares headed for a four-week high.
Net income climbed to $3.25 billion from $1.95 billion, the Moscow-based company said in a statement today. That beat an average estimate of $3.05 billion from six analysts surveyed by Bloomberg News. Sales rose 35 percent to $34.9 billion in the period, Lukoil said.