LUKOIL PROFIT DOWN 2%
According to REUTERS, Russia's No.2 oil producer Lukoil (LKOH.MM) second-quarter net profit dipped 2 percent, as a weaker rouble helped offset a 30 percent fall in crude prices that has gouged the earnings of many of its peers.
Quarterly net profit was 62.57 billion roubles ($962 million), broadly meeting analysts' average forecasts for 62.28 billion roubles.
The company also said its operation at the West Qurna-1 oilfield in Iraq, where it was eligible for significantly lower volumes of compensation crude oil in the second quarter, hit profitability.
Lukoil's shares fell by 2 percent after the report, before recovering some lost ground. They were down by 1.5 percent on the day.
Lukoil, a publicly listed company co-owned by its senior management including billionaire Chief Executive Vagit Alekperov and Vice-President Leonid Fedun, fared better than Russia's largest oil producer Rosneft, whose quarterly profit fell by a third, partly hurt by dollar-denominated debt.
The company, pumping around 2 million barrels of oil per day (bpd) - a little less than OPEC member Venezuela does - has been refocusing on upstream both at home and abroad.
Lukoil said the production of liquids, such as crude oil and gas condensate, declined in the first half of the year to 349.6 million barrels from 370 million barrels in the year-earlier period.
As output slows down, Lukoil will start a drilling programme in Western Siberia in September, aiming to slow down the rate of decline of oil production to 1.5-2.5 percent in 2017 from 6.5-7 percent expected in the region this year.
Second-quarter revenue fell 9.3 percent to 1.34 trillion roubles, while earnings before interest, taxation, depreciation and amortisation declined 8.3 percent to 189.57 billion roubles.
Lukoil switched to reporting results using International Financial Reporting Standards (IFRS) accounting principles from those generally accepted in the United States (U.S. GAAP) late last year due to domestic regulations.
Under the U.S. GAAP, it reported in U.S. dollars.
|February, 16, 23:45:00|
|February, 16, 23:40:00|
|February, 16, 23:35:00|
|February, 16, 23:30:00|
|February, 16, 23:25:00|
|February, 16, 23:20:00|
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.