By Adria Calatayud

Lukoil PJSC said Wednesday that it swung to a net loss for the first quarter, hit by weaker economic activity, an unprecedented slump in hydrocarbon demand and lower prices, and warned that these trends persist in the second quarter.

The Russian energy company said the main impact of the pandemic on its results is a sharp decline in prices for oil and refined products.

The company swung to a net loss of 46.0 billion Russian rubles ($667.8 million) for the first quarter compared with a profit of RUB149.2 billion in the year-earlier period. Sales for the quarter fell to RUB1.666 trillion from RUB1.851 trillion in the same period of 2019.

Lukoil said that since May 1 it has cut oil production at its fields in Russia and some international projects due to the new OPEC+ agreement signed in April.

In the first five months of the year, Lukoil's gas production in Uzbekistan was reduced due to lower demand from China, while the company cut refinery throughput volumes due to lower refining margins on lower demand for refined products, it said. Volumes of motor fuels through the company's filling stations were also lower, Lukoil said.

Write to Adria Calatayud at adria.calatayud@dowjones.com