Lukoil PJSC was able to boost output in the first half of the year while reducing spending as a weaker ruble cut costs. Russia’s second-largest oil producer cut capital expenditure by 31 percent to $5.32 billion “mostly due to ruble devaluation,” according to a regulatory filing Friday. Oil and gas production rose 4.8 percent from a year earlier to an average of 2.37 million barrels equivalent a day. Brent crude prices have fallen by more than half in the past year, hitting revenue at Russian oil producers. That was partly offset by lower taxes and a weaker currency, which cut costs for companies that earn dollars and pay most of their expenses in rubles. The Russian exchange rate averaged about 53 to the dollar in the second quarter compared with 35 a year earlier. In addition to the currency effect, Lukoil “also reduced drilling,” Alexander Kornilov, an oil analyst […]