Russia's largest independent oil producer, OAO Lukoil Holdings (LKOH.RS), Thursday said its 2007 net income rose 27.1% on the year to $9.51 billion, driven by oil price appreciation, high refinery margins and an increase in refinery throughputs.
Revenue under U.S. Generally Accepted Accounting Principles was up 21% to $81.89 billion, while earnings before interest, tax, depreciation and amortization, or Ebitda, rose 25.1% to $15.39 billion at the end of last year, pushed up by surging oil prices in the fourth quarter.
The company's operating costs amounted to $6.17 billion, up from $4.65 billion a year earlier. Lukoil said the increase came mainly on the back of the 20% real appreciation of the ruble within the 12-month period, changes in operating expenses in crude oil and refined products, as well as legislative changes in excise duty payments.
Lukoil said that it expects its 2008 exploration and production capital expenditure to total $7.1 billion.
Shares were trading 0.6% higher at $86.1 at 1000 GMT.