TNK-BP posts FY 2010 net income of $5.8 billion

TNK-BP posts FY 2010 net income of $5.8 billion
Russian-British oil producer, TNK-BP, has posted a FY 2010 net income attributable to shareholders of $5.8 billion under US GAAP.

­The FY net result is up 17% year on year, with FY 2010 EBITDA rising 18% year on year to $10.391 billion, as FY revenues rose to $44.646 billion, from $34.753 billion a year earlier.

For 4Q 2010 TNK-BP posted a net income of $1.9 billion, up 16% quarter on quarter, with 4Q EBITDA rising 34% quarter on quarter to $3.2 billion, as revenues increased from $11.396 billion in 3Q to $12.503 billion in 4Q.

The company attributed the results to higher crude prices more than offsetting a 3% fall in sales volumes, with an increased focus on higher margin domestic crude sales.  It also noted that petroleum product revenues were 36% higher year on year with gas revenues buoyed by a  27% increase in rouble denominated dry gas prices.