Russia's biggest privately-owned oil producer, OAO Lukoil Holdings (LKOH.RS), Monday said net profit for the first quarter was up 7.7% on higher oil prices, which offset the impact of lower oil production and a stronger ruble.

Lukoil said net profit for the period, calculated under U.S. Generally Accepted Accounting Principles, totaled $3.79 billion, compared with $3.52 billion in the same period a year earlier. That was above a forecast of $3.06 billion from an Interfax survey of 16 analysts.

Revenue increased 19% to $35.3 billion from $29.6 billion, driven by growth in global oil prices. Meanwhile, earnings before interest, taxation, depreciation and amortization, or Ebitda, was flat at $5.35 billion.

Lukoil crude oil production was down 1.7% to 169 million barrels, while natural gas output was up 13.6% to 5.27 billion cubic meters.

Lukoil first-quarter daily hydrocarbon production was 0.7% lower at 2.20 million barrels of oil equivalent

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