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Lukoil posts 3Q 2009 Net Income of $2.058 billion

Lukoil posts 3Q 2009 Net Income of $2.058 billion
Russian oil producer, Lukoil, has posted a 3Q 2009 Net Income of $2.058 billion under U.S. GAAP.

The bottom line is down 41% year on year, from the $3.446 billion Net Income posted for 3Q 2008, with 3Q sales of $21.94 billion, comparing with 3Q 2008 Sales of 32.37 billion.

The 3Q posting made for a 9M Net Income of $5.28 billion, down by 50% on the $10.84 billion Net Income posted for 9M 2008, with 9M EBITDA of $10.23 billion down from $16.65 billion a year earlier, on the back of 9M Revenues of $56.8 billion, down from $89.26 billion in 2008.

The company attributed the results to the decline in average crude prices over the period in comparison with a year earlier, offset by a minor increase in production, with increased exports of crude and crude products, and a 40% reduction in capital expenditures.