TNK-BP oil venture profits drop 13%

TNK-BP oil venture profits drop 13%
February 28, 2013 - 20:59 AMT

PanARMENIAN.Net - Russian-British oil venture TNK-BP International saw its 2012 IFRS net profit fall 13 percent year-on-year to $7.584 billion, the company said in a report on Thursday, February 28, according to RIA Novosti.

The company’s gross revenue for 2012 rose 0.4 percent year-on-year to $60.45 billion, while EBITDA fell 7 percent to $13.35 billion.

Operating cash flow rose 22 percent to $13.238 billion, while TNK-BP’s net debt for the year fell from $6.88 billion to $3.86 billion.

The company’s total proved reserves reached 9.8 bn barrels of oil equivalent representing a 210 percent reserve replacement ratio with record reserve additions of 1.4 billion barrels.

Chief Financial Officer Jonathan Muir said: “Our strong financial position enabled continued investment in existing operations and major new projects, strengthening the sustainability of our business.”

TNK-BP was purchased by Russia's largest oil company Rosneft in 2012, in two deals worth over $50 billion.

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