Lukoil posts 1Q 2009 Net Income of $905 million

Russian oil producer, Lukoil, has posted a 1Q 2009 Net Income of $905 million under U.S. GAAP.

The bottom line is down 71% from the $3.16 billion posted for 1Q 2008, with EBITDA falling 50% year on year to $2.4 billion, on the back of 1Q 2009 Revenues of $14.7 billion, down 41%.

The company noted the fall in net income was less than the corresponding fall in crude prices, thanks to cost reductions, including a 40% year on year cut in capital expenditure, and increased output, and exports.