TNK-BP 4Q Net Profit +51% On Year $1.93 Billion
March 01 2011 - 6:29AM
Dow Jones News
Russia's third-largest oil producer TNK-BP International,
part-owned by U.K. oil major BP PLC (BP), said Tuesday its
fourth-quarter net profit rose 51% from last year, mainly due to
higher oil prices.
The company said net profit under U.S. GAAP accounting standards
for October to December was $1.93 billion, up from $1.28 billion a
year earlier.
"Our financial results benefited from above-plan production
growth, successful refinery de-bottlenecking and optimization of
export sales," the company's Chief Financial Officer Jonathan Muir
said.
TNK-BP International is the parent company of Moscow-listed
TNK-BP Holding (TNBP.RS), which is responsible for a quarter of
BP's oil output.
The company's daily production stood at 1.766 million barrels of
oil equivalent in the quarter, slightly up from 1.733 million in
the third quarter.
TNK-BP International's revenue jumped 25% to $12.50 billion from
$10.01 billion. Operating cash flow was $2.74 billion in the fourth
quarter, while earnings before interest, taxes, depreciation and
amortization, or Ebitda, totaled $3.16 billion.
-By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495
232-9192, jacob.pedersen@dowjones.com
(William Mauldin in Moscow contributed to this story.)