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Lukoil profit hit by oil prices, weak rouble

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Staff writer ▼ | November 28, 2014
Lukoil announced that profits had more than halved in the third quarter due to low oil prices and a weak rouble.
Bad period   Lukoil may increase its dividend
The company said it may increase its dividend payout next year if crude prices slide further.

"If oil prices are $70 or lower, we may pay over 50 percent of profits on dividends," Vice-President Leonid Fedun told a conference call after Lukoil's third-quarter net profit sank to $1.6 billion from $3.1 billion in the corresponding period last year.

Lukoil's dividend policy calls for a payout of no less than 15 percent of net profit, but it usually pays more than that.

Lukoil's third-quarter revenue rose to $39 billion from $36.7 billion and earnings before interest, tax and depreciation, core profit, were $5.3 billion from $5.5 billion in the same period last year. Lukoil said its capex stood at $11.7 billion in the nine months of 2014.