TNK-BP Reports Its Results for the First Half of 2009
28 Jul 2009
TNK-BP today reported its results for the six months ended June 30th 2009 (US $ millions unless otherwise stated).
|
1Q09 |
2Q09 |
|
1H09 |
1H08 |
|
43.6 |
58.1 |
Urals (average US $/barrel) |
50.9 |
105.6 |
|
33.9 |
32.2 |
Foreign Exchange (average RUR/US $) |
33.1 |
24.0 |
|
1,668 |
1,669 |
Oil and Gas Production (mboed) |
1,668 |
1,619 |
|
6,328 |
8,159 |
Revenues |
14,487 |
28,295 |
|
885 |
942 |
Operating Expenses |
1,827 |
2,462 |
|
1,489 |
2,355 |
EBITDA |
3,844 |
7,585 |
|
747 |
1,260 |
Net Income |
2,007 |
4,685 |
|
1,181 |
1,677 |
Operating Cash |
2,858 |
5,584 |
|
5,966 |
5,799 |
Net Debt |
5,799 |
5,184 |
|
711 |
556 |
Capex (organic) |
1,267 |
2,278 |
Commenting on the results, Mikhail Fridman, Interim Chief Executive Officer of TNK-BP, said:
“In the second quarter of 2009, TNK-BP benefited from stronger oil and gas markets with a continuation of the strong performance of the first quarter. In addition, in the first half of this year we generated 3.1% growth in our oil and gas production relative to the first half of 2008, due to first oil from greenfield projects in Verkhnechonskoye, Uvat and Kamennoye. We have also been able to reduce our cost base this year and these factors have contributed to a strong set of financial results for the first half of 2009. We are also pleased to have been able to continue to improve our safety and environmental performance with a cleaner and safer performance year on year. We have managed our cash and debt positions prudently and TNK-BP is well placed for sustained future growth through efficient production operations and focused capital investments.”
First Half Highlights
-
Oil and Gas volumes increased by 3.1% relative to 1H 2008 (excl Slavneft).
-
Lost time injuries frequency fell by over 30% and the number of high potential incidents decreased by 10% as compared to the first half of 2008.
-
The volume of associated gas utilization increased by 9% as compared to the first half of 2008.
-
In May, TNK-BP launched commercial production from the northern part of the Kamennoye oil field in West Siberia.
-
The Board approved an increase in TNK-BP’s organic investment in 2009 by US $377 million to continue investment in strategic projects in upstream and downstream.
-
A major turnaround at the 340,000 b/d Ryazan refinery in central Russia was completed three days ahead of schedule, and injury-free.
-
The oil field services business was sold to Weatherford International, underpinning the company’s strategic intent to focus on the core business of producing, refining and marketing oil.
The financial information shown in the press release does not constitute Interim Condensed Consolidated Financial Statements. The Interim Condensed Consolidated Financial Statements will be published in early August 2009.
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