TNK-BP 3Q Profit Jumps 53%
MOSCOW – Russian oil producer TNK-BP International said Tuesday that third-quarter net profit jumped 53% to $2.73 billion from $1.79 billion during the same period a year earlier on higher revenue from sales of accumulated stock and the positive effect of a time lag in export duties.
Russian state-controlled oil giant OAO Rosneft announced last week it's acquiring TNK-BP from co-owners BP PLC and the AAR consortium of Soviet-born tycoons. The deals--worth a total of around $55 billion--are expected to close in the first half of next year.
Third-quarter production at TNK-BP – Russia's No. 3 crude producer – was flat at 2.00 million barrels of oil equivalent per day as increasing greenfield output offset slight declines at brownfields.
TNK-BP's third-quarter revenue totaled $15.7 billion, while earnings before interest, taxes, depreciation and amortization, or Ebitda, rose to $4.31 billion. Net debt at the end of the quarter was $4.34 billion.
Jonathan Muir, the company's chief financial officer said: "We are focused on brownfield stabilization, major project development and driving shareholder value."
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.