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Lukoil, Russia’s No 2 oil producer, posted $7.8bn in net profit in 2013, missing forecasts and down from $11bn the previous year after the company wrote off losses from some assets.
In a statement yesterday, the company said last year’s bottom line was hit by a write-off of $2.4bn from several projects including its Yuzhnoye Khylchuyu oil field in Russia’s Timan-Pechora and from projects in West Africa, once considered by the company as some of its most promising assets.
The company said its earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $16.67bn last year, also missing a Reuters poll of $19.38bn. Lukoil’s revenues stood at $141.5bn in 2013, slightly up from $139.2bn in 2012 and almost in line with the poll.
Lukoil’s executives Vagit Alekperov and Leonid Fedun are the largest shareholders in the company, which saw its oil production rising by 1.1% last year to 90.81mn tonnes (1.8mn barrels per day).
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