TNK-BP Sees Third Quarter Profits Slip, Revises 2010 Capex

摘要

Russian-UK joint venture TNK-BP saw net profits fall 14% year-on-year in the third quarter despite higher revenues as the company missed out on a repeat of the net divestment gain it made from selling its oil-field services business a year earlier (IOD Oct.28,p4). Russia’s third-largest crude oil producer posted net income of $1.447 billion in the July-September period under US GAAP standards, compared to $1.68 billion in the year-earlier period. Revenues rose 10.6% to $11.396 billion on the back of higher oil prices but costs climbed by 19% to $3.1 billion, driven by a stronger ruble and increases in transportation and electricity tariffs. Operating cash flow stood at a healthy $3.01 billion. “Liquidity is not really an issue for us at this point in time,” said TNK-BP’s Chief Financial Officer Jonathan Muir.