Russian oil major OAO Lukoil has reported net income of $2.48 billion for the third quarter of 2007, an increase of 2.1% compared to the same period of 2006. The company's net income for the first nine months of 2007 reached $6.3 billion.
Earnings before interest, taxes, depreciation and amortization were $10.37 billion for the first nine months of 2007, an increase of 1.9% compared to the same period of 2006. Revenue from sales for the first nine months of the year amounted to $57.1 billion, an increase of 11% on a year-on-year basis.
The company said that capital expenditures including non-cash transactions were $6.6 billion for the first nine months of 2007, an increase of 46% year-on-year. Upstream capital expenditures rose by 55.5%, while downstream capital expenditures increased by 21.6%.
The production of marketable hydrocarbons grew by 2% to 2.18 million barrels of oil equivalent per day in the first nine months of 2007. Crude oil output increased by 2.3% compared to the same period of 2006, to reach 537 million barrels or 72.7 million tons. The production of marketable gas was down slightly to 9.95 billion cubic meters.
The production of petroleum products at Lukoil refineries increased by 7.7% year-on-year and totaled 36.13 million tons in the first nine months of 2007. The high growth rates in petroleum product output resulted from high refining margins in both Russia and eastern Europe.