Russia's top independent oil pro- ducer, Lukoil, beat analysts' fore- casts with a net profit of $3.517 billion under US GAAP standards in the first quarter of 2011, up 71% year-on-year. Vice President Leonid Fedun said the company' income was its highest since 2008 and its second-highest ever. Revenues were slightly below analysts' forecasts at just over $29.6 billion, up 23.9% on the year, while earnings before inter- est, taxes, depreciation and amor- tization (Ebitda) jumped 43% to $5.34 billion. Free cash flow to- taled $2 billion, compared with $1.405 billion in the same period last year, and Fedun noted that Lukoil had benefited from a one- time recovery of back taxes to the tune of $240 million, which was related to heavy crude oil produc- tion in the Timan-Pechora region in 2008-09.
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