TNK-BP Holding halves H1 US GAAP earnings to $2.34 bln
MOSCOW. Sept 15 (Interfax) - TNK-BP Holding (TBH) halved net profit to US GAAP to $2.34 billion in the first half of 2009, the oil producer said in an earnings report.
Revenue also practically halved, to $12.764 billion, and EBITDA was down 46% year-on-year to $3.7 billion.
The company said the petroleum market, which recovered to some extent in Q2 2009, was still far weaker in H1 2009 as a whole than a year previously. Urals crude had averaged down 52% in price to $51 a barrel and petroleum product prices were down 45%-50%. As a result, average sales fell 50% in the half.
However operating cash flow was still a robust $1.8 billion, enabling the company to maintain capex, manage its debt and pay dividends. Despite the ongoing financial markets instability, the level of liquidity remained steady and cash funds totaled $1 billion at the end of H1 2009.