Russia's third-largest oil producer TNK-BP International, part-owned by U.K. oil major BP PLC (BP), said Tuesday its fourth-quarter net profit rose 51% from last year, mainly due to higher oil prices.
Russia's third-largest oil producer TNK-BP International, part-owned by
U.K. oil major BP PLC (BP), said Tuesday 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
(TNBP.RS), 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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