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The Wall Street Journal: Lukoil’s Net Rose 10% in Quarter On Price of Crude

January 15, 2007

OAO Lukoil Holdings, Russia’s largest oil producer by volume, said its net profit rose 10% in the third quarter to $2.43 billion because of higher average crude-oil prices.

The company said higher taxes had somewhat offset the higher oil price. The average price for Lukoil’s Urals blend of crude in the period was 15% higher than a year earlier.

Deputy Chief Executive Leonid Fedun also said that Lukoil isn’t in talks with Royal Dutch Shell PLC about the U.K. oil company’s French refinery assets. Shell has said it is considering selling its French refining assets as part of an “ongoing strategic review” to streamline and concentrate its downstream assets.

Lukoil’s key operating-profit figure — earnings before interest taxes, depreciation and amortization — rose 10% to $3.71 billion from $3.36 billion a year earlier. Revenue, including excises and export tariffs, grew 13% to $18.25 billion.

Operating expenses rose 27% to $1.12 billion. The company paid an average $3.21 to produce a barrel of oil equivalent during the quarter, a 20% increase.

In 2006, Lukoil’s oil output rose 5.7% to 92.5 million metric tons, the equivalent of 1.912 million barrels a day, from 87.5 million tons in 2005.

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