LukOil's Q1 profit hit by crude prices, forex headwinds

Russian oil producer LukOil PJSC saw its first-quarter profit plunge almost 59% as crude-oil prices plumbed 12-year lows and as it was buffeted by foreign-exchange headwinds.

The company said its attributable profit for the three months to 31 March fell to 42.8bn rubles, down 58.8% from 104.03bn rubles.

"Our results for the first quarter of 2016 were affected by a decrease in average hydrocarbon prices and fluctuations of ruble exchange rates to the US dollar and euro," the company said.

"This, in turn, was partially compensated for by the decrease in mineral extraction tax and export tariffs," the company, Russia's second-largest oil producer, added in a statement.

LukOil's first-quarter EBITDA was 145.5bn rubles, down 32.1% from 214.3bn rubles. Free cashflow was 36.4bn rubles, from 62.9bn rubles.