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Lukoil Reports Cash Pile Even though Crude Oil Prices Have Collapsed

Russia's second-largest oil production company, Lukoil PJSC, tripled its revenue


Russia's second-largest oil production company, Lukoil PJSC, tripled its revenue even though their profit has taken a downturn. West Qurna in Iraq provided the main source of production and cash even though there has been a weak ruble and lower oil production in western Siberia. Exact numbers were 248 billion rubles ($3.7US billion) in free cash flow compared with last year's 76 billion rubles as confirmed by Gazprombank JSC analyst Alexander Nazarov. “Free cash flow was very impressive,” Nazarov said by e-mail. “Lukoil seems to be in a position to increase final dividends.”

 

 

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