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Bloomberg
Lukoil PJSC, Russia’s second-largest oil producer, said profit dropped 59 percent in the first quarter as oil prices declined to a 12-year low. Net income fell to 42.8 billion rubles ($651 million) from 104 billion rubles a year earlier, the Moscow-based company said.
Russian producers have been partially buffered against the rout in crude by a weaker ruble, which has reduced costs, and taxes that decline with lower prices. Oil and gas output fell to 2.35 million barrels of oil and gas a day.