High oil prices pushed TNK-BP profits up 75%.

AFP Photo / Alexey Sazonov
Russian-British oil producer TNK-BP has posted a net profit of $3.8 billion for 9M 2011 gearing 75% year-on-year increase.

9M 2011 Financial Highlights in US dollars

The company says higher Urals price and production growth underpinned growth of revenues for 9M 2011. However, increase of export duties and taxes by 41%, as a result of the impact of higher Urals prices, was partly offset by a positive effect in the form of lag on export duties. The positive factors were partly offset by a negative exchange rate impact as well as tariff and excise rates growth.

Jonathan Muir, Chief Financial Officer of TNK-BP Ltd, was upbeat by the results saying that efficient company management and organic development contributed to the financial excellence.

“Record-breaking results were underpinned by a strong pricing environment, operational excellence and efficiency improvements. We continued to grow our business reaching new production levels and first contribution from our overseas assets. Continuous improvement in all aspects of our operations leads us to believe that 2011 may become the most successful year in the history of TNK-BP.”