TNK-BP Touts $1.93B for 4Q Net Profit, Up 51%

MOSCOW (Dow Jones Newswires), March 1, 2011

Russia's third-largest oil producer TNK-BP International, part-owned by U.K. oil major BP, said 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, 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.

Copyright (c) 2011 Dow Jones & Company, Inc.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Production Analyst
Expertise: Accounting|Financial Analyst
Location: Midland, TX
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
US Houston: Accounting Supervisor (Financial Forecasting)
Expertise: Accounting|Financial Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours