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Lukoil posts 1H 2009 Net Income of $3.229 billion

Lukoil posts 1H 2009 Net Income of $3.229 billion
Russian oil producer, Lukoil, has posted a 1H 2009 Net Income of $3.229 billion under U.S. GAAP.

The Net result is down 55% year on year, with 1H EBITDA coming in at $6.534 billion, down 40% year on year, on Sales of $34.861 billion, down 38%. The company attributed the results to the slump in crude price which saw average prices over 1H 2009 less than half those of 1H 2008.

The rebound in crude prices over 2Q 2009 helped Lukoil post a 2Q 2009 Net Income of $2.32 billion, down 43% year on year, but a strong rebound from the 1Q 2009 Net Income of $905 million. 2Q EBITDA came in at $4.12 billion, down33% year on year, on the back of Sales of 20.11 billion, down 37% year on year. 2Q crude oil production increased 4.8% year on year.