Russia's Lukoil announced a drop in profits in 2013
The company's net profit in 2013 dropped by 29% to $7.83 billion
Lukoil's poor 2013 results sum the Russian major’s dilemma: as a privately held company it lacks ready access to the Russia’s new fields, but its riskier overseas expansion is proving disappointing. On 19 February, Lukoil announced its net profit in 2013 dropped by 29% to $7.83 billion, as it had to write off the value of investments at some major projects it once touted as the source of the company’s future earnings growth. The impairments had a $2.1bn impact on net profits, Lukoil said, though some analysts noted that even without write-offs the company’s bottom line would have been $10.28bn, down on the previous year and worse than a Reuters consensus forecast of $10.36bn. Better news cam
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
