Russia’s largest private oil company LUKoil saw its 2012 first quarter net profit increase 7.7 percent year-on-year to $3.789 billion to US GAAP, the company said on Monday.
LUKoil’s net profit was above a consensus forecast of $2.87 billion by analysts polled by RIA Novosti, with first quarter EBITDA going up 0.1 percent to $5.346 billion and revenue up 19 percent year-on-year to $35.261 billion.
“The positive dynamics of our financial results was mainly due to an increase in hydrocarbon prices in the first quarter of 2012 compared to the same period of 2011,” the company said in a statement.
The company’s hydrocarbon production rose 0.4 percent in January-March 2012 to 200 million barrels of oil, including equivalent and crude oil and natural gas liquids output at 169 million barrels. Gas production rose 13.6 percent to 5.27 billion cubic meters mainly due to a 70.2 percent increase in gas production in Uzbekistan.