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."


Copyright (c) 2012 Dow Jones & Company, Inc.


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