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
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
