TNK-BP, the joint venture between BP (NYSE:BP) and Russian billionaires, had its profits fall by 14 percent in the third quarter, according to their latest report.
Net profit for the quarter ending September 30 was $1.45 billion, down from the $1.68 billion generated last year. The drop was largely based on the profits garnered from the sale of their oil services unit last year.
Revenue for TNK-BP did increase to $11.40 billion, a boost of 11 percent.
Earnings were $2.56 before interest, taxes, depreciation and amortization, and operating cash flow came in at $3.01 billion.
The company pointed to lower natural gas production as the major reason for the drop in profits, but Chief Financial Officer Jonathan Muir said the oil production at the West Siberian fields was also down by 3.5 percent, and that will probably continue on throughout 2011, Muir added.
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