TNK-BP Reports Results for 1st Quarter 2009
TNK-BP today reported its results for the three months ended March 31, 2009.
Commenting on the results, Tim Summers, Chief Executive Officer of TNK-BP, said, "This is a strong performance, despite a very challenging environment compared to last year. Safety performance has continued to improve, production levels are higher, and investment discipline has been maintained, with healthy cash generation.
"In the first quarter of 2009, the price for the Russian Urals export blend fell by 53% to $43.7 per barrel relative to the same period last year, with revenues falling by 50% to $6.328 billion.
"We remain committed to a safer and cleaner environment for our employees, contractors and the communities in which we operate. In the first quarter of 2009, lost time injuries dropped by more than 50% while the number of high potential incidents reduced by 40% compared to the same period last year. We also increased the use of associated gas by 25%.
"Production for the first quarter showed an increase of 3.9% relative to the same period last year, and included the start-up of new Uvat fields in February and increased output from the Verkhnechonskoye and Kamennoye green-fields in East and West Siberia. We have maintained our focus on the continuous development of our existing asset base, as well as investing for the longer term. In the first quarter of 2009, the exploration drilling success rate was 74%, in line with the last year levels.
"Organic capital expenditure was $711 million, 16% down on the same period last year. Operating expenses were $885 million, a 23% improvement from 1Q 2008.
"TNK-BP is committed to increased transparency and regular quarterly reporting of our financial results is another positive step in that direction."
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