Russia's biggest oil producer OAO Lukoil said Friday that its third-quarter profit grew by 10 percent thanks to high oil prices, rising production volumes and cost-cutting.
The company said it earned $2.43 billion in the three months ended Sept. 30, beating an average forecast of $2.34 billion in a poll of analysts conducted by Dow Jones Newswires.
Lukoil reported total revenues of $18.25 billion for the quarter, up from $16.19 billion the previous year as the average price for its Urals blend of crude in the period was some 15 percent higher than a year earlier.
The company noted in a statement that its growing tax burden had held back profit growth: Lukoil said it paid $22.3 billion in taxes over the full year, 28 percent more than in 2005.
In an earlier statement the company said that its total crude production had risen over the year by 5.7 percent, with average production for the year of 1.912 million barrels per day.
(The Associated Press)