Russian-British joint venture TNK-BP saw second quarter net profit plummet 63 percent quarter-on-quarter to $808 million under IFRS, the company said in a statement on Friday.
The company’s second quarter 2012 revenue decreased 11 percent quarter on quarter to $14.255 billion with EBITDA falling 38 percent quarter-on-quarter to $2.248 billion mainly due to a negative exchange rate impact on deferred tax, and a seven percent year on year fall in the average Urals oil blend price.
TNK-BP’s net debt for the first six months of 2012 grew 5.7 percent to $5.566 billion compared with the same period a year earlier.
The company’s oil production went up 3.6 percent year on year in January-June 2012 to 42.637 million tons with gas output up 14.9 percent to 8.207 billion cubic meters. The daily oil production volume increased 1.8 percent in the first half of this year to 1.557 million barrels and the company’s overall hydrocarbon output grew 3.3 percent to 1.824 million barrels of oil equivalent a day.