Russia’s No.2 oil producer Lukoil posted a 37 percent rise in first quarter profit to 149.2 billion roubles ($2.3 billion), as a weaker rouble and higher foreign gas output offset cheaper oil prices and weak refining margins.

Lukoil’s earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 298.1 billion roubles from 219.5 billion roubles in the first quarter of 2018, it said on Wednesday, according to Reuters.

The company, controlled by president Vagit Alekperov and his deputy Leonid Fedun, said its daily hydrocarbon output rose by 3.8 percent year-on-year thanks to a rise in overseas natural gas production.