Sector: Oil & Gas
RU_LKOH
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
Monetary columns are in B RUB, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueB RUB | Operating profitB RUB | D&AB RUB | EBITDAB RUB | Net profitB RUB | Operating CFB RUB | Capex + M&AB RUB | AssetsB RUB | EquityB RUB | ROE (annualized) | Net debtB RUB | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | H2 2025 (6M) | OK | 166.1 y/y 90.9% | 182.0 y/y -49.9% | 261.2 y/y -13.8% | 443.1 y/y -33.5% | -1347.6 y/y -764.3% | 703.0 | -387.9 | 5474.4 y/y -41.0% | 3626.5 y/y -47.4% | -22.9% | -10.2 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 3601.7 y/y -16.9% | 344.7 y/y -50.3% | 261.6 y/y -10.0% | 606.2 y/y -38.4% | 288.6 y/y -51.2% | 711.6 | -386.6 | 7750.7 y/y -10.1% | 5614.7 y/y -13.6% | 9.2% | 2.9 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 87.0 y/y -98.6% | 363.3 y/y -67.3% | 302.8 y/y -5.0% | 666.1 y/y -53.4% | 202.9 y/y -76.3% | 1005.9 | -453.0 | 9282.6 y/y 7.9% | 6892.0 y/y 7.7% | 11.9% | -1080.5 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 4333.6 y/y 125.1% | 694.2 y/y 119.6% | 290.6 y/y 12.3% | 984.8 y/y 71.3% | 591.5 y/y 95.5% | 782.3 | -326.8 | 8619.4 y/y 9.0% | 6499.9 y/y 7.6% | 18.3% | -867.0 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 6002.8 y/y — | 1111.6 y/y — | 318.6 y/y — | 1430.3 y/y — | 857.6 y/y — | 1064.4 | -381.4 | 8600.2 y/y — | 6401.2 y/y — | 18.7% | -840.6 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 1925.5 y/y — | 316.0 y/y — | 258.7 y/y — | 574.8 y/y — | 302.6 y/y — | 759.9 | -339.0 | 7907.3 y/y — | 6038.6 y/y — | — | -640.8 | Report (PDF) |
Quarterly values (₽ mln)
Year-over-year change
FCF (₽ mln)
Net debt / cash (₽ mln)
Physical operating metrics — supplementary, not part of the financial statements
Oil & Gas
| Year | Reserves, mln boe |
|---|---|
| 2024 | 14 700 |
| Year | Production, mln boe |
|---|---|
| 2025 | 666 −2.2% |
| 2024 | 681 |
Lukoil FY2025: hydrocarbon output 1,824 kboe/d (~666 mln boe/yr), -2.3% YoY vs 1,866 kboe/d (~681 mln boe/yr) FY2024 — group basis excl. West Qurna-2 (prior ~803 figure incl. WQ2; rebased here for like-for-like). 2025 loss of control of foreign holding LIG booked as discontinued ops. SEC proved reserves ~14.7 bn boe.
Current 98spot vs LTM +28%
Oil model: per-barrel, net-of-tax EBITDA projection. Only part of a Urals move reaches EBITDA — the rest is taken by mineral-extraction tax (~75% at the margin). Production × net-of-tax × Δprice → EBITDA → conservative (min spot/avg) → target market cap at the current EV/EBITDA.
Upside (conservative): +16% · spot +27% · 3-yr +5%
How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap
| 1 · Reported baseline (latest FY) | |
| Revenue | 3.77 trn RUB |
| EBITDA | 1.05 trn RUB |
| Cash costs (revenue − EBITDA) | 2.72 trn RUB |
| 2 · Urals oil price ($/bbl) | |
| Spot | $97.7 |
| LTM average | $76.6 |
| 3-yr average | $80.4 |
| 3 · EBITDA projection (per-barrel, net of tax) | |
| Production, mln bbl/yr · Frontier 2025 (mln boe) | 666 |
| Net-of-tax pass-through of Δprice (НДПИ) | 25% |
| Price effect on EBITDA — spot | 279.4 bln RUB |
| Price effect on EBITDA — 3-yr | 52.3 bln RUB |
| = Spot EBITDA (LTM + effect) | 1.33 trn RUB |
| = 3-yr-price EBITDA | 1.10 trn RUB |
| = Avg-scenario EBITDA (spot + 3-yr)/2 | 1.22 trn RUB |
| Conservative EBITDA = min(spot, avg(spot, 3-yr)) | 1.22 trn RUB |
| 5 · Valuation → target market cap | |
| EV/EBITDA (current) | 3.5x |
| Target EV = EV/EBITDA × conservative EBITDA | 4.19 trn RUB |
| Net debt | -10.2 bln RUB |
| Target market cap = EV − net debt | 4.20 trn RUB |
| Current market cap | 3.63 trn RUB |
Upside = target market cap ÷ current − 1 = +16%
Dividend-model upside: -100%
The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | -1059 bn RUB |
| Payout ratio | 79% |
| Free cash flow (FY, OCF − capex) — not a cap (leverage -0.0x) | 640 bn RUB |
| Recent actual dividend (3-yr median) | 675.00 ₽ |
| = Forecast dividend per share | 0.00 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.2% |
| Historical yield spread to rate (3-yr median) | -2.9 pp |
| = Fair dividend yield | 11.3% |
| 3 · Valuation → upside | |
| Current price | 4506 ₽ |
| Forecast dividend yield | — |
| Fair price (dividend-based) | 0.000 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
Paid, trailing 12-mo: 675.00 RUB/sh · 15.0%
| Pay year | Dividend /sh | |
|---|---|---|
| 2026 | 675.00 ₽ | |
| 2025 | 541.00 ₽ | |
| 2024 | 1012.00 ₽ | |
| 2023 | 885.00 ₽ | |
| 2022 | 793.00 ₽ | |
| 2021 | 553.00 ₽ | |
| 2020 | 396.00 ₽ | |
| 2019 | 347.00 ₽ |
| Period | Ex-date | /sh |
|---|---|---|
| 2026 q2 | 2026-05-01 | 278.00 ₽ |
| 2026 q1 | 2026-01-09 | 397.00 ₽ |
| 2025 q2 | 2025-06-02 | 541.00 ₽ |
| 2024 q4 | 2024-12-16 | 514.00 ₽ |
| 2024 q2 | 2024-05-06 | 498.00 ₽ |
| 2023 q4 | 2023-12-14 | 447.00 ₽ |
| 2023 q2 | 2023-06-01 | 438.00 ₽ |
| 2022 q4 | 2022-12-19 | 793.00 ₽ |
| 2021 q4 | 2021-12-17 | 340.00 ₽ |
| 2021 q3 | 2021-07-01 | 213.00 ₽ |
No dividend rows found for this issuer.
Share of volume initiated by buyers (crossing the spread):
1d: 54% buy — balanced5d: 51% buy — balanced20d: 48% buy — balanced
Iceberg levels last session: 3 bid / 3 ask; largest — ask 4638 (filled ×5.4 of displayed, 49 refills).
Robot clips (recurring characteristic order size): 35 bid / 39 ask; largest — ask 22 lots ×1197 appearances across 208 price levels. Ping probes (1-2 lots, typical iceberg hunting): bid ×1464, ask ×1438.
| Day | Buyer initiative | Icebergs bid/ask | Robots bid/ask | Trades |
|---|---|---|---|---|
| 23.07 | 54% | 3/3 | 35/39 | 57,034 |
| 22.07 | 50% | 6/5 | 38/40 | 52,909 |
| 21.07 | 49% | 6/2 | 57/52 | 49,906 |
| 20.07 | 52% | 5/2 | 40/36 | 47,665 |
| 17.07 | 48% | 5/2 | 39/40 | 47,915 |
Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.
| 24.04.26 | Filing | ★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента |
| 24.04.26 | AGM / Board | ★ ▲ Решения общих собраний участников (акционеров) |
| 17.03.26 | Filing | ★ ▲ Проведение заседания совета директоров (наблюдательного совета) и его повестка дня Совет директоров ПАО «ЛУКОЙЛ» проведет заседание 19 марта 2026 года, на котором будет обсуждаться размер дивидендов по акциям за 2025 год. Ожидается, что будут даны рекомендации по выплатам акционерам. |
| 29.01.26 | Material event | ★ ▲ События (действия), оказывающие, по мнению эмитента, существенное влияние на стоимость или котировки его ценных бумаг ПАО «ЛУКОЙЛ» заключило соглашение с Carlyle о продаже LUKOIL International GmbH, что связано с введением ограничительных мер против компании. Сделка зависит от выполнения ряда условий, включая регуляторные согласования. В рамках соглашения не предусмотрена продажа активов в Казахстане. |
| 27.04.26 | AGM / Board | Решения совета директоров (наблюдательного совета) |
Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.
Disclosed in the top-10 of 12 of 17 funds, ≈8,0 млрд ₽ combined. Last month: trimmed — 8.
| Fund | Manager | Weight | ≈Position | Δ weight m/m | Disclosure |
|---|---|---|---|---|---|
| EQMX Индекс МосБиржи | ВИМ Инвестиции | 15.34% | 1,8 млрд ₽ | -1.24 pp | 29.05.2026 |
| SBMX Первая - Фонд Топ Российских акций | Первая | 15.27% | 2,6 млрд ₽ | -1.23 pp | 29.05.2026 |
| TMOS Т-Капитал Индекс МосБиржи | Т-Капитал | 15.27% | 1,8 млрд ₽ | -1.18 pp | 29.05.2026 |
| AMRE АТОН – Российские акции + | Атон-менеджмент | 8.98% | 55 млн ₽ | -1.11 pp | 29.05.2026 |
| BCSR БКС Индекс Российского рынка | Брокеркредитсервис | 8.70% | 25 млн ₽ | -0.56 pp | 29.05.2026 |
| AKME Альфа-Капитал Управляемые акции | Альфа-Капитал | 6.86% | 866 млн ₽ | — | 29.05.2026 |
| AKIE Альфа-Капитал Управляемые акции с выплатой дохода | Альфа-Капитал | 6.51% | 20 млн ₽ | -1.77 pp | 29.05.2026 |
| DIVD ДОХОДЪ Индекс дивидендных акций | ДОХОДЪ | 6.50% | 57 млн ₽ | -0.67 pp | 29.05.2026 |
| SBPS Первая – Фонд Моя цель 2035 | Первая | 6.18% | 9 млн ₽ | -0.51 pp | 29.05.2026 |
| TRUR Т-Капитал – Стратегия вечного портфеля в рублях | Т-Капитал | 4.08% | 708 млн ₽ | — | 29.05.2026 |
| SBRI Первая - Фонд Ответственные инвестиции | Первая | 3.69% | 5 млн ₽ | — | 29.05.2026 |
| SCFT Технологии будущего | Доверительная | 3.64% | 0 млн ₽ | — | 29.05.2026 |
Source: monthly fund portfolio disclosures (investfunds); NAV is daily. Disclosures list each fund's top-10 only, so absence does not mean no position. Weight changes mix revaluation with trading. Fund flows and betas live in the fund monitor on the RU region page.
Substantive mentions last 7 days: 0, last 30 days: 1 (1 negative) across tracked channels, broker research and shows. 18 passing mentions (digests, calendars) hidden.
Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.
Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=17
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)
Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Lukoil (LKOH) — from primary filings.
LKOH (Lukoil) is a Russian integrated oil and gas company engaged in the exploration, production, refining, and sale of crude oil and natural gas, as well as the production and distribution of petroleum products.