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24 Jul, 2008 09:29

TNK-BP on track for best year in its history

Oil major TNK-BP's performance in 2008 could be the best in the history of the company. But the on-going dispute among its shareholders – Britain's BP and a group of Russian billionaires – may have a negative impact on 2009 results&n

The company doubled its profits in the first half of the year – with net income of 4.7 billion dollars.

Revenues also shot up, from to more than 23 billion dollars, from 17 billion in 2006.

TNK-BP paid 2.4 billion dollars in dividends to shareholders, more than double the payment for the first half of 2007.

Summers also said that capital investment per barrel produced is the lowest in the industry.

He warned that cutting capital expenditure could have a negative impact on the company’s production.