BLBG:Lukoil Heads for 4-Week High After Profit Increases 67 Percent
OAO Lukoil headed for its highest close in four weeks after Russia’s second-largest oil producer said profit increased 67 percent in the second quarter as crude prices climbed, outweighing a decline in output.
The shares increased 1 percent to 1,743.8 rubles by 2 p.m. in Moscow, poised for their best close since Aug. 3.
Net income rose to $3.25 billion from $1.95 billion, the Moscow-based company said in a statement today. That beat an average estimate of $2.95 billion for adjusted net income from 12 analysts surveyed by Bloomberg News.
To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
