TNK-BP Maintains Year-on-year Production Growth of 3%; Posts a 34% Rise in Net Income in the Third Quarter, TNK-BP
Release Date: 2009-10-27
TNK-BP today reported its results for the third quarter and nine months ended September 30th 2009.Commenting on the results, Mikhail Fridman, interim Chief Executive Officer of TNK-BP, said:
“In the third quarter of 2009, TNK-BP continued to improve on the strong performance it reported for the first half of the year. We remained an industry leader in growing oil and gas production, with volumes for the 9 months to September amounting to a 3.0% increase relative to the same period in 2008. This represents 8 continuous quarters of production growth. In addition, TNK-BP benefited from stronger oil and product markets, prudent financial management, and in July, we realized a gain on the sale of our oil field services business of $204 mln. As a result, our net income rose by almost 34% relative to the second quarter.
The company continued to apply a focused and controlled approach to its capital investment programme in order to ensure new projects are delivered on time and on budget, as well as maintaining the efficiency of the existing asset base. Confidence in management’s ability to deliver allowed the Board to support a $1.3 bn investment in refinery upgrades as well as over $0.4 bn to continue work in developing our new Greenfield projects in Yamal. We continued to work to make TNK-BP a safer and cleaner company with once again significant improvement on our days away from work frequency and further reduction in oil spills.
The third quarter results show that TNK-BP is well-positioned to deliver solid performance for 2009 and continue to look forward to developing sustainable growth and improving performance in the future. We are focused on a sustainable way forward which will create additional workplaces and revenue for the Russian economy.”
| Type: | NORMAL |
| Company: | TNK-BP |
| Country: | Russian Federation |