Lukoil's Q2 profit up 67 pct on higher oil prices

By the Associated Press | August 31, 2011 | 6:55 AM EDT

MOSCOW (AP) — Russia's second-largest oil company Lukoil says its second-quarter profit went up 67 percent to $3.2 billion on the back of stronger oil prices.

Moscow-based Lukoil said in a statement on Wednesday that sales rose by 35 percent to reach $35 billion, beating analyst forecasts.

Lukoil is Russia's second-largest oil company in terms of production.

The company's crude output, however, is still declining. Production dropped by 5.6 percent in the second quarter to 22.7 million metric tons of crude oil.

The statement says that Lukoil's chief executive on Wednesday urged the company's board to stick to the drafted program to boost production.