Overview
- Lukoil reported 2025 revenue of 3.8 trillion rubles, down 15% year over year, and reduced net debt by 78% to 226 billion rubles.
- U.S. sanctions imposed in October 2025 set off a process to sell foreign assets that were valued at about $22 billion in 2024.
- A U.S. Treasury license that allowed asset sales was extended twice and expired last month, leaving buyer selection and timing uncertain.
- Lukoil announced a preliminary agreement in January to sell to The Carlyle Group, while separate reports cited a letter of intent from Saudi Midad Energy subject to U.S. approval.
- The board proposed a dividend of 278 rubles per share, scheduled an April 23 shareholders’ meeting, and set May 4 as the record date.