LUKOY PJSC Lukoil (CE)

By Anthony O. Goriainoff

Lukoil PJSC said Thursday that it swung to a net loss for the first half of 2020 as prices for oil and refined products, as well as production volumes, declined due to the coronavirus pandemic.

The Russian oil-and-gas company said that for the six months ended June 30, net loss was 64.68 billion rubles ($854.9 million) compared with a net profit of RUB330.5 billion for the first half of 2019.

Sales in the first half of the year fell 33% to RUB2.65 billion, Lukoil said. Sales dynamics in the period were hurt by lower hydrocarbon prices, hydrocarbon production volumes, trading volumes of oil and refined products, as well as lower refined products' sales volumes through filling stations, the company said. These were partially offset by a devaluation in the ruble against the dollar, it said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

August 27, 2020 07:32 ET (11:32 GMT)

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