TNK-BP's Q3 profit up 34 pct from Q2

posted: 28 DAYS 20 HOURS AGO

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MOSCOW -TNK-BP, Russia's third-largest oil company, said Tuesday its third quarter net profit rose 34 percent compared with the previous three months due to higher crude prices and gains on the sale of a unit.

Profit at the British-Russian venture rose to $1.7 billion in the July-September period from $1.3 billion in April-June. Sales jumped to $10.3 billion from $8.2 billion.

The company's interim chief executive, Mikhail Fridman, said in emailed comments that the results were helped by higher oil prices and "prudent financial management." TNK-BP also profited from the sale of its oil field services business for $240 million.

Like other oil producers, TNK-BP has been badly hit by the economic downturn, which sent oil prices down to $40 at the start of the year. They have since recovered to $80 per barrel.

Year-ago quarterly figures were not available, as the company until recently reported only half-year results.

Despite the third-quarter improvement, TNK-BP's net profit for the January-September period was still down 44 percent over 2008. The company said it boosted oil and gas production by 3 percent in the first three quarters of 2009.

2009-10-27 06:32:51