Lukoil is Russia's largest listed private integrated oil company, with ~2.1 mmboe/d of hydrocarbon output, an estimated ~15 bnboe of proved (1P) reserves, and an integrated refining/petrochemicals/marketing arm historically spanning Russia, Europe and international upstream (notably Iraq's West Qurna-2). Pre-sanctions it was among the most shareholder-friendly EM majors, running a net-cash balance sheet and paying out a large share of free cash flow in dividends (double-digit yields). Reported RUB financials imply roughly $90-95bn revenue, ~$20bn EBITDA and ~$9-13bn net income in recent years, converted at ~0.011 USD/RUB; all figures are estimates given curtailed post-2022 disclosure.
Sanctioned/uninvestable for Western buyers; figures estimated. Since Russia's 2022 invasion of Ukraine, Lukoil has faced EU import bans and, from October 2025, direct US OFAC designation — triggering forced wind-down/divestment of international assets and severe secondary-sanctions, settlement and convertibility constraints. Despite a low-cost, cash-generative and lowly-levered domestic upstream base, the equity trades only on the Moscow Exchange, is not a US SEC filer, publishes no SEC standardized measure, and cannot realistically be acquired, financed, or held by Western institutions. Data reliability is LOW and all metrics should be treated as rough estimates.
Its EV/EBITDA of 2.1x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 20.0% is higher than the 6.5% median, and at $2.76/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Lukoil scores 59/100, strongest on valuation (95/100). Sub-scores: value 95, quality 66, growth 47, risk 93 (higher = riskier). Note: sanctioned / uninvestable for Western acquirers — shown for completeness only.
Lukoil holds approximately 15.2 billion boe of proved (1P) reserves with FY2025 production of about 2,100 thousand boe/d (80% liquids), a reserve life of roughly 19.8 years. Break-even: ~$25 (Brent breakeven) — low-cost mature Russian brownfield barrels (West Siberia/Timan-Pechora) with sub-$25 Brent full-cycle breakevens, but realizations are depressed by Urals-to-Brent discounts, export re-routing to Asia, and sanctioned/discounted sale channels rather than by upstream cost
For Lukoil, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Russia | 85% | 92 | Sanctions, expropriation, export bans, war; effectively uninvestable. |
| Iraq | 8% | 96 | Security, payment arrears, tough TSC terms, political instability. |
| Other | 7% | 50 | diversified/unspecified exposure — universe-average proxy |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| West Siberia (Kogalym, Langepas, Povkh) | Russia | Mature oil | core legacy brownfield producing region; bulk of Russian crude output, low-cost long-life barrels |
| Timan-Pechora | Russia | Oil / heavy oil | northern Russian oil province including Yarega heavy oil and Usinsk fields |
| North Caspian (Filanovsky, Korchagin) | Russia | Offshore oil/gas | operated Russian Caspian offshore developments, key growth barrels |
| West Qurna-2 | Iraq | Giant oilfield | major international upstream asset; large low-cost production under service contract, exposed to divestment/sanctions pressure |
| Shah Deniz | Azerbaijan | Offshore gas | non-operated equity stake in giant Caspian gas-condensate field |
| Uzbekistan gas (Kandym, Gissar) | Uzbekistan | Gas / PSA | international gas production and processing under production-sharing agreements |
| European refining (ISAB, Zeeland, Burgas via stakes) | Europe | Downstream refining | refining/marketing footprint under EU sanctions pressure and divestment (e.g. ISAB Sicily sold 2023) |
| Domestic refining & petrochemicals | Russia | Downstream | large Russian refining, petrochemical and retail network anchoring integration |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 2170 | 2160 | 2100 | 2130 | 2100 |
| Proved reserves (bnboe) | 15.90 | 15.70 | 15.50 | 15.30 | 15.20 |
| Revenue ($bn) | 63.0 | 104.0 | 130.0 | 87.0 | 95.0 |
| EBITDA ($bn) | 11.0 | 21.0 | 28.0 | 18.0 | 20.0 |
| Net income ($bn) | 0.2 | 10.5 | 16.0 | 13.0 | 9.3 |
| Free cash flow ($bn) | 7.0 | 12.0 | 18.0 | 15.0 | 10.0 |
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Primary: Lukoil FY2025 annual report / results release and investor disclosures; market data via public providers (~mid-2026). Figures are best-estimates pending source verification.
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