Russia's largest oil producer said its Q1 net profit grew 89.6% compared to the fourth quarter when it received net income of 4.04 billion rubles (about $156.7 million).
LUKoil's Q1 net profit growth compared to the fourth quarter of 2006 is attributable to increased oil sales and lower oil export duties, which resulted in an increase in gross profit, the company said in a statement.
At the same time, beginning from the first quarter of 2007, LUKoil transferred functions of the petroleum product exporter to its refineries, which affected the parent company's net income indices compared with the same period last year, the crude producer said.
LUKoil is the world's second-largest oil producer by proven hydrocarbon reserves, estimated at 20.3 billion barrels of oil equivalent, including about 16 billion barrels of oil and 25 trillion cubic feet of natural gas.
