05.06.2008
TNK-BP confirmed highlights of preliminary financial data for TNK-BP International for 2007. Consolidated financial results of TNK-BP International are still awaiting formal approval of the Board of Directors.
The preliminary highlights reflect another strong performance from TNK-BP in 2007. Net income benefited from stronger oil and product prices, flexible access to domestic and export markets and access to its world-class refinery assets in Russia and Ukraine. In addition, the company undertook an increased activity set in respect of wellwork, fracturing and sidetracks in mature fields and the appraisal of its new greenfield projects.
The company’s estimated consolidated net income in 2007 was approximately $5.3 billion on gross revenues of $38.7 billion. Adjusted for the divestment of its former Udmurtneft assets which were sold in August 2006, this estimate represents an underlying increase of $1 billion, or 24% of its equivalent 2006 income. The lower dividend declared in 2007 compared to 2006, reflects the impact of the Udmurtneft sale and higher investment last year.
Source: TNK-BP
