Russia’s TNK-BP profit down 50% in first half of 2009

TNK-BP International, Russia's third-largest oil producer, announced Tuesday that net profit had more than halved to $2.01 billion in the first half of 2009, from $4.7 billion a year ago, due to cheaper oil prices.

The company said January-June 2009 revenues fell to $14.49 billion from $28.30 billion a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) were $3.84 billion, compared with $7.59 billion in the same period last year.

TNK-BP is half-owned by BP, which on Tuesday separately reported that its second quarter profits had halved, due to lower oil prices and weaker refining margins. TNK-BP International is the parent company of listed TNK-BP Holding.

Prices for Russia's benchmark blend of Urals crude more than halved as well in the first half of 2009 to $50.9 per barrel, from $105.6 in the same period of 2008, TNK-BP said.

Still, TNK-BP eked out some gains in the second quarter, when net profit rose to $1.26 billion from $0.75 billion in the first three months of the year.