Earnings Report /
Russia

Lukoil: Cash on the barrelhead in shifting macro

  • We resume our coverage of Lukoil (LKOH RX, O/W) with an Overweight recommendation

  • The company is well-positioned to enjoy a tangible rebound in refining margins

  • Set to rebound in early 2023, we expect the oil price to drive Lukoil’s stock performance

Nikita Blokhin
Nikita Blokhin

Senior Analyst, Oil & Gas

Alfa
21 December 2021
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