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
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
