Russian international oil company Lukoil has posted $6.7 billion in net income for the first half of 2011, an increase of 69.1% over the same period in 2010.
Bumper profit resulted from consistently high oil prices over the first six months of the year, which more than compensated for the firm’s 4.4% reduction in overall production to 2.1million barrels of oil equivalent per day in the same period and higher production costs per barrel.
EBITDA in the first half of 2011 was $10,688 million, up is 43.8% year-on-year, with sales revenues of $64,538 million.Â
In the first half of 2011, lifting costs per boe of production were $4.72, which is 17.4% higher year-on-year. The growth was mainly due to the real ruble appreciation, which was 15.0% in the first half of 2011.
