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Lukoil USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Oil & Gas

RU_LKOH

Price chart

4 760 RUBDay -1.19%

Key metrics

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.

Market

Price
4 760 RUB · -1.19%
Market cap
46.3 bn USD

Growth

Δ revenue y/y
104.0%
Δ EBITDA y/y
-16.7%

Multiples

P/E (LTM)
34.1x
3y avg: 17.6x
P/B (FY)
0.9x
EV/EBITDA (LTM)
2.4x
EV/EBITDA (ann.)
2.6x

Cash return

Dividend yield
23.2%
FCF yield (LTM)
—

Liquidity

Daily turnover (MOEX)
2.1 bln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 8 / Warn: 1 / Err: 6 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1✓OK
2023-06-30 Q2✓OK
2023-09-30 Q3✓OK
2023-12-31 FY✓OK
2023-12-31 Q4✓OK
2024-03-31 Q1✓OK
2024-06-30 Q2✗Errors 1Warn 2
2024-09-30 Q3✓OK
2024-12-31 FY✗Errors 1Warn 1
2024-12-31 Q4✗Errors 2Warn 1
2025-03-31 Q1✓OK
2025-06-30 Q2✗Errors 1Warn 2
2025-09-30 Q3✗Errors 1Warn 2
2025-12-31 FY⚠Warn 2
2025-12-31 Q4✗Errors 2Warn 3
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in B USD, 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.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2025-12-31FY 2025 (12M)OK1.2
y/y —
0.9
y/y -11.2%
1.8
y/y -15.0%
2.7
y/y -13.8%
-2.5
y/y -723.9%
4.9-4.976.8
y/y -41.0%
50.9
y/y -47.4%
—-10.2Link
2025-09-30Q3 2025 (3M)PARTIAL1.2
y/y -96.1%
1.7
y/y -57.3%
1.8
y/y -12.5%
3.5
y/y -41.6%
-0.2
y/y -108.3%
4.9-4.0—
y/y —
—
y/y —
—-3.7Link
2025-06-30Q2 2025 (3M)OK25.3
y/y -20.8%
2.4
y/y -50.3%
1.8
y/y -10.0%
4.3
y/y -38.4%
2.0
y/y -51.2%
5.0-3.1108.7
y/y -10.1%
78.7
y/y -13.6%
—2.9Link
2025-03-31Q1 2025 (3M)PARTIAL25.3
y/y -20.8%
2.4
y/y -52.4%
1.8
y/y -10.0%
4.3
y/y -40.2%
2.0
y/y -48.4%
5.0-3.1—
y/y —
—
y/y —
—-538.8Link
2024-12-31FY 2024 (12M)OK—
y/y -44.2%
1.0
y/y -83.1%
2.2
y/y -4.8%
3.2
y/y -61.5%
0.4
y/y -89.5%
7.6-3.0130.2
y/y 7.9%
96.7
y/y 7.7%
—-1080.5Link
2024-09-30Q3 2024 (3M)PARTIAL30.1
y/y -0.8%
3.9
y/y -25.3%
2.1
y/y 0.0%
6.0
y/y -18.0%
2.7
y/y -33.3%
6.5-2.9—
y/y —
—
y/y —
—-973.7Link
2024-06-30Q2 2024 (3M)OK31.9
y/y 18.0%
4.9
y/y 9.8%
2.0
y/y 12.3%
6.9
y/y 10.5%
4.1
y/y -2.3%
5.5-2.7120.9
y/y 9.0%
91.2
y/y 7.6%
—-867.0Link
2024-03-31Q1 2024 (3M)PARTIAL31.9
y/y 18.0%
5.1
y/y 14.5%
2.0
y/y 5.6%
7.1
y/y 11.8%
3.9
y/y -7.5%
5.5-2.7—
y/y —
—
y/y —
—-853.8Link
2023-12-31FY 2023 (12M)OK26.9
y/y —
6.0
y/y —
2.3
y/y —
8.2
y/y —
3.8
y/y —
8.2-4.7120.6
y/y —
89.8
y/y —
—-840.6Link
2023-09-30Q3 2023 (3M)PARTIAL30.3
y/y —
5.2
y/y —
2.1
y/y —
7.3
y/y —
4.0
y/y —
6.8-3.6—
y/y —
—
y/y —
—-740.7Link
2023-06-30Q2 2023 (3M)OK27.0
y/y —
4.4
y/y —
1.8
y/y —
6.2
y/y —
4.2
y/y —
5.3-2.6110.9
y/y —
84.7
y/y —
—-640.8Link
2023-03-31Q1 2023 (3M)PARTIAL27.0
y/y —
4.4
y/y —
1.9
y/y —
6.4
y/y —
4.2
y/y —
5.3-2.6—
y/y —
—
y/y —
—-521.2Link
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil & Gas

Proved reserves
14 700 mln boe
2024
Reserve life (R/P)
22.1 yrs
reserves ÷ annual output
Annual production
666 mln boe
2025

Proved reserves

YearReserves, mln boe
202414 700

Production

YearProduction, mln boe
2025666
2024681

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.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-40 000-20 000020 00040 0002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Year-over-year change

-200%-100%0%100%2023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Cash flow

Net debt / cash ($ mln)

-1 250 000-1 000 000-750 000-500 000-250 00002023 q32023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q4

Commodity price upside

The same staged build as the commodity players: revenue → costs → EBITDA → conservative EBITDA (min of the spot- and 3-yr-average-price cases) → target market cap at the current EV/EBITDA. Costs held flat (a producer has no commodity on the cost side).

USD/RUB: spot 73 vs LTM-avg 80 → ×0.91 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is). Oil & gas upside may be overstated: mineral-extraction tax / export duty rise with price but costs are not re-priced here.

Upside (conservative): +17% · spot +71% · 3-yr +17%

How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap

1 · Reported baseline (latest FY)
Revenue3.77 trn RUB
EBITDA1.05 trn RUB
Cash costs (revenue − EBITDA)2.72 trn RUB
2 · Revenue projection
Multiplier — spot×1.22 (+22%)
= Spot revenue4.58 trn RUB
Multiplier — 3-yr prices×1.05 (+5%)
= 3-yr-price revenue3.97 trn RUB
3 · Cost projection (held flat)
Cost multiplier×1.00 (+0%)
= Cash costs2.72 trn RUB
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1.86 trn RUB
= 3-yr-price EBITDA1.25 trn RUB
Conservative EBITDA = min(spot, 3-yr)1.25 trn RUB
5 · Valuation → target market cap
EV/EBITDA (current)3.2x
Target EV = EV/EBITDA × conservative EBITDA3.98 trn RUB
Net debt-278.7 bln RUB
Target market cap = EV − net debt4.26 trn RUB
Current market cap3.63 trn RUB

Upside = target market cap ÷ current − 1 = +17%

Product prices — move vs the LTM average; the 'RUB' columns include the USD/RUB move.

CommodityRevenue shareSpotLTM avg$ vs LTMRUB vs LTM (FX)RUB 3-yr (FX)
Brent85%94.6769.09+37%+25%+6%

Dividends

No dividend rows found for this issuer.

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)