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LUKOY - Lukoil: Q2 Results Are A Bit Disappointing
PJSC Lukoil ADR
Source: Lukoil
Lukoil (LUKOY) unpleasantly surprised in Q2 with its miserably low FCF. As you can guess, the main negative impact on Lukoil's financials was caused by a decrease in oil prices and production cuts. In the first quarter, the main blow was caused by the currency revaluation due to the sharp decline in the ruble, and this quarter was affected by the depreciation of Uzbek assets by 36 billion rubles.
This should not bother investors too much though, because the company pays dividends from its free cash flow. With very little interim dividends, all