MOSCOW- Fourth-quarter net income for Russia's No.2 oil producer Lukoil rose to 120.5 billion roubles ($2.1 billion) from 47 billion roubles a year earlier thanks to higher oil prices and sales, Lukoil said on Wednesday.

Analysts polled by Reuters had expected Lukoil's October - December net income to be 111 billion roubles.

Its shares were up 0.4 percent at 1055 GMT, underperforming the broader Moscow market .MCX , which climbed by 0.9 percent

Lukoil, controlled by its president Vagit Alekperov and his deputy Leonid Fedun, has been suffering from declining rates of oil production mainly due to depleted oilfields in West Siberia.

It said its hydrocarbon output fell 0.3 percent last year due to a global deal in which Russia agreed with OPEC to curb output, as well as lower volumes of "compensation crude oil" from the West Qurna-2 project in Iraq.

Revenues rose to 1.66 trillion roubles in the fourth quarter from 1.4 trillion roubles, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to 223.7 billion roubles from 183.3 billion roubles a year earlier.

The company holds a meeting with investors in London on Friday.

(Reporting by Olesya Astakhova and Vladimir Soldatkin Editing by Maria Kiselyova and Edmund Blair) ((vladimir.soldatkin@reuters.com; +7 495 775 12 42;))