Russian-British joint venture TNK-BP saw fourth quarter 2011 net profit fall four percent to $2.170 billion to US GAAP compared with the third quarter of last year, the company said on Wednesday
Revenue increased three percent between October and December 2011 to $15.697 billion, while Earnings Before Interest, Taxation, Depreciation, Amortization (EBITDA) went up one percent to $3.614 billion.
Operating cash flow grew 27 percent in the fourth quarter of last year to $2.561 billion, while capital expenditures rose 17 percent to $1.2 billion. Net debt increased 33 percent to $6.735 billion.
Overall oil and gas production in October-December 2011 amounted to 2.041 million barrels of oil equivalent a day, a two percent growth compared to July-September last year.
As for the whole of 2011, TNK-BP net profits grew 54 percent year-on-year to $8.981 billion, while revenue rose 34.8 percent to $60.199 billion. The company's total proven reserves increased 5.4 percent to 13.770 billion barrels of oil equivalent under PRMS last year compared to 2010.
