Lukoil buys back its own 5 percent from Conoco

Lukoil, Russia's second-largest oil company, and investors led by UniCredit SpA have spent nearly $2.4 billion to buy 5 percent of Lukoil shares from U.S. oil company ConocoPhillips — half the amount allowed in an option that expired Saturday, Associared Press reports.

Lukoil said in a statement Sunday that it bought 42.5 million, or 5 percent, of its own American Depository Receipts as part of a strategy to raise shareholder returns through a share buyback from the market.

Houston-based ConocoPhillips said in July that the option, which allowed for the purchase of 98.7 million shares (11.6 percent), was valued at $56 a share. The U.S. company is selling Lukoil shares to raise cash to pay back debts and buy back its own shares.

Lukoil in August spent $3.4 billion to buy 7.6 percent of its own stock back from Conoco.