Lukoil Profit Unexpectedly Falls on Weak Refining, Trading :

Lukoil Profit Unexpectedly Falls on Weak Refining, Trading
Bloomberg
3/10/2021
© Bloomberg
An OAO Lukoil gas station.
(Bloomberg) -- Lukoil PJSC unexpectedly reported lower fourth-quarter net income on weak refining and trading operations, but positive free cash flow means investors could be rewarded with the highest dividend yield among major Russian oil companies.
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The pandemic continued to put pressure on oil firms’ earnings late last year as soft demand narrowed margins from producing and selling fuels. But Russian companies remained committed to dividend payments in 2020 despite the hit from Covid-19 and output curbs as part of the OPEC+ deal.
In the fourth quarter, Lukoil’s “international trading operations, lower refinery throughput volumes, weaker refining and trading margins” offset higher crude production, growth in oil prices, ruble’s depreciation as well as an increase in international gas output, Russia’s second-biggest oil producer said in an earnings statement.

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