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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