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.

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