Lukoil, Profits & Losses (COP, LUKOY)

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By Douglas A. McIntyre Updated Published
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The largest non-government owned oil company in Russia, OAO Lukoil, has reported a net loss of $1.6 billion for the fourth quarter of 2008, according to the company’s financial statements filed today. The company attributed the loss to a slump in hydrocarbon prices in Q4-2008 along with a loss resulting from the ruble devaluation, and high level of export duties rates in the beginning of the quarter.

The company’s operating cash flow increased by 31.5% to $14.312 billion and EBITDA grew by 1,1% to $15.552 billion for all of fiscal 2008.  The company also noted for 2008 that its total tax expenses grew by 36.3% to $38.0 billion.

ConocoPhillips Corporation (NYSE:COP) owns a 20% stake in Lukoil and reported an estimated 445,000 barrels per day of production from that stake in its 2008 annual report. Conoco also took a $7.4 billion impairment charge in the fourth quarter related to its investment in Lukoil. Conoco shares are down about 2% in early trading.

Paul Ausick
April 7, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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