Date: 14 November 2022 Author: Grzegorz Kuczyński

Russia’s Lukoil Makes Record Profit

Russia’s biggest privately held oil company has made a record profit this year, doubling its last year’s figures. Lukoil will thus resume its belated dividend payouts for shareholders. Other Russian energy companies, including Gazprom, canceled dividend payouts amid the Russian war in Ukraine and its possible influence on the Russian energy sector. Only when oil and gas prices soared rapidly have they approved dividend payout.

SOURCE: LUKOIL – Medialibrary (

Lukoil, Russia’s second-largest oil producer, saw its January-September net profit more than double to 647.93 billion roubles. It doubled compared to last year (286.27 billion roubles). Sales rose by 52.2 percent to 2.335 trillion roubles while the company saw an increase in gross profit to 909.249 billion roubles. Lukoil has reaped benefits from soaring oil prices around the world while buying cheap Western energy assets––once foreign energy companies quit the country. In late September Russian President Vladimir Putin issued a decree authorizing Italian utility Enel to sell a 56.43 percent stake in its Russian entity to Lukoil and the Gazprombank-Frezia investment fund for some €132 million. It is 25 percent less than its price on the Moscow Stock Exchange, according to Kommersant. The deal was closed on October 12. The extraordinary general shareholders meeting of Lukoil would be held on December 5 in the form of absentee voting, its management board said in a statement. The list of persons entitled to participate in the meeting will be determined as of November 11. The agenda of the meeting includes, among other things, the matter of distribution of part of the retained profit for 2021 on dividends payment on Lukoil shares. Due to the sustainable financial standing of Lukoil and the elimination of a substantial part of limitations on dividends payment, the board of directors recommended that the meeting resolves to pay dividends on Lukoil shares out of the retained profit of 537 rubles per share. On May 16, 2022, Lukoil postponed its dividend payouts amid a shaky business environment and restrictions in accounting and banking systems.

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