June 3, 2020 / 11:24 AM / 2 months ago

Russia's Lukoil reports $669 million net loss on weak prices, rouble

MOSCOW (Reuters) - Russia’s second-largest oil producer Lukoil on Wednesday reported a first-quarter net loss of 46 billion roubles ($669 million) hurt by lower oil prices, a weaker rouble currency and asset impairment losses.

Lukoil logos are pictured at Gorkovsky Automobile Plant (GAZ) in Nizhny Novgorod, Russia April 16, 2019. REUTERS/Maxim Shemetov/Files

A year ago, Lukoil reported a net profit of 149.2 billion roubles.

The coronavirus pandemic has hurt demand, weighing on already weak oil prices which hit two-decade lows during the quarter.

OPEC producers and others including Russia, a group known as OPEC+ have agreed to cut output by about 9.7 million barrels per day (bpd) in June.

Lukoil said it has cut its crude oil production in Russia by about 310,000 bpd versus the first quarter since the agreement took effect on May 1.

Output at the West Qurna-2 project in Iraq was cut by 70,000 bpd, it said.

Lukoil’s largest shareholders are its head, Vagit Alekperov, and vice-president Leonid Fedun.

The company said its revenue fell to 1.666 trillion roubles in January-March quarter from 1.851 trillion a year earlier.

It reported earnings before interest, taxation, depreciation and amortisation (EBITDA) of 150.8 billion roubles, down from 298.1 billion a year earlier.

($1 = 68.7600 roubles)

(Corrects to show production cuts were made since May 1, not in first quarter, paragraph 5)

Reporting by Olesya Astakhova, writing by Maria Kiselyova and Vladimir Soldatkin, editing by Louise Heavens and Jason Neely

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