Russia: home to Lukoil
Lukoil results miss forecast
Lukoil, Russia's second largest oil producer, missed forecasts with a 40% tumble in third-quarter profit as oil prices fell and the rouble depreciated against the dollar.
The company, 20% owned by US oil major ConocoPhilips, saw its net income attributable to shareholders dropped to $2.056 billion in the three months to end September, down from $3.472 billion in the same period last year.
Analysts polled by Reuters had expected net profit to fall to $2.215 billion.
Lukoil shares traded 1.2% lower at 0758 GMT, underperforming the broader Russian market, MICEX, and MICEX's oil and gas indexes
Sales came in at $21.91 billion, below the poll forecast of $23.27 billion.
"The decrease in sales was due to a significant decrease in hydrocarbon prices compared to the third quarter of 2008," the company said in a statement.
"Moreover, the devaluation of the rouble against the US dollar in 2009 also seriously affected our average realized prices in Russia."
Earnings before interest, taxation, depreciation and amortisation (EBITDA) fell to $3.70 billion from $5.66 billion in the third quarter of 2008 compared to forecast of $3.925 billion.