In 1 half 2009 net profit of TNK-BP Holding, compared to the same period last year decreased 2-fold - from $ 4.885 billion to $ 2.34 billion, according to the company's unaudited report on US GAAP.
Profit before taxes totaled $ 2.937 billion ($ 6.133 billion in 1 half of 2009). TNK Revenue for the reporting period also declined by nearly 2-fold and reached $ 12.764 billion ($ 24.914 billion in 1 half of 2008). EBITDA was $ 3.7 billion (-46%).
volumes of oil and gas in 1 half of 2009 amounted to 1 668 thousand barrels. AD /day., an increase of 3,1% compared with 1 half of 2008 through the beginning of commercial oil production at new projects Verkhnechonskoye, Uvat and Stone deposits, the report says the company.
Despite some recovery in the 2 quarter of 2009, the oil market in 1 half of 2009, however, was much weaker in comparison with 1 half of 2008. Average Urals oil price decreased by 52% and was 51 dollars per barrel., With the price of oil on the domestic market decreased by 56% to $ 20 per barrel.; Prices of petroleum products followed the Urals grade oil and decreased by 45 — 50%. As a result, the average level of implementation of TBH for the period decreased by 50% compared with 1 half of 2008.
External factors also had a significant impact on the cost of 1 half-year 2009. Falling prices for Urals grade oil has led to a reduction of export duties on 59%, including inter alia the effect of reducing the time lag of export duty. Similarly, the costs of the tax on extraction of minerals declined by 65%, reflecting the effect of lower oil prices and changes in the methodology of calculation of tax. Other expenses decreased by 27% due to the positive effect of the devaluation of the ruble and initiatives on cost management, partially adjusted increase in transportation tariffs.
Thus, the overall effect of weakening market conditions, partially offset by savings and other cost savings, resulting in a net reduction in EBITDA of 46% to $ 3.7 billion Other fixed costs and revenues and expenses from non-operational activities are not dependent on changes conditions and, consequently, have remained largely the same. As a result of lower net profit was 52%. Second wave
In 1 half of 2009 net profit of TNK-BP Holding for US GAAP decreased 2-fold to $ 2.34 billion
In 1 half 2009 net profit of TNK-BP Holding, compared to the same period last year decreased 2-fold - from $ 4.885 billion to $ 2.34 billion, according to the company's unaudited report on US GAAP.
Profit before taxes totaled $ 2.937 billion ($ 6.133 billion in 1 half of 2009). TNK Revenue for the reporting period also declined by nearly 2-fold and reached $ 12.764 billion ($ 24.914 billion in 1 half of 2008). EBITDA was $ 3.7 billion (-46%).
volumes of oil and gas in 1 half of 2009 amounted to 1 668 thousand barrels. AD /day., an increase of 3,1% compared with 1 half of 2008 through the beginning of commercial oil production at new projects Verkhnechonskoye, Uvat and Stone deposits, the report says the company.
Despite some recovery in the 2 quarter of 2009, the oil market in 1 half of 2009, however, was much weaker in comparison with 1 half of 2008. Average Urals oil price decreased by 52% and was 51 dollars per barrel., With the price of oil on the domestic market decreased by 56% to $ 20 per barrel.; Prices of petroleum products followed the Urals grade oil and decreased by 45 — 50%. As a result, the average level of implementation of TBH for the period decreased by 50% compared with 1 half of 2008.
External factors also had a significant impact on the cost of 1 half-year 2009. Falling prices for Urals grade oil has led to a reduction of export duties on 59%, including inter alia the effect of reducing the time lag of export duty. Similarly, the costs of the tax on extraction of minerals declined by 65%, reflecting the effect of lower oil prices and changes in the methodology of calculation of tax. Other expenses decreased by 27% due to the positive effect of the devaluation of the ruble and initiatives on cost management, partially adjusted increase in transportation tariffs.
Thus, the overall effect of weakening market conditions, partially offset by savings and other cost savings, resulting in a net reduction in EBITDA of 46% to $ 3.7 billion Other fixed costs and revenues and expenses from non-operational activities are not dependent on changes conditions and, consequently, have remained largely the same. As a result of lower net profit was 52%.
Second wave
second wave of the crisis, which is expected in early fall, not canceled, just delayed, economists say …
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