Russia’s Lukoil posted a net profit of 86.5 billion rubles (approximately $1.4 billion) in the first half of the year, down 25 percent compared to the same period in 2017.
The revenues of the country’s second largest oil company dropped to 96.4 billion rubles ($1.52 billion) over the same period, marking a seven percent decrease on an annual basis, according to a statement released on Thursday.
Lukoil, which is among the world’s largest integrated oil and natural gas companies, generates almost two percent of global oil production.
Reporting by Emre Gurkan Abay in Moscow
Writing by Hale Turkes