English"LUKoil", the largest Russian private crude producer, saw its earnings drop by half at the end of Q3 2009, due to declining prices.
The company"s net profit dropped YOY from USD 10.8 billion to USD 5.3 billion.
"LUKoil" had a net profit of USD 2.06 billion in Q3 2009, down 41% YOY. Sales of "LUKoil" dropped to 56.802 billion dollars in the first nine months of the year, from 89.3 billion in the first nine months of 2008. In Q3, "LUKoil" revenues dropped 32% YOY, to USD21.9 billion.
"The depreciation of the ruble against the American dollar, in 2009, also affected prices on the Russian market", the company said.
The results announced by the Russian group failed to meet analyst estimates.
In the January-September 2009 period, oil production by "LUKoil" group amounted to 73.28 million tons, compared to 71.19 million tons, in the first nine months of 2008.
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