NEWS & EVENTS: Breaking News
01.07.2009 11:04
July 1. TNK-BP reported stronger 2Q 2009 financials and mulls boosting investments, TNK-BP COO Tim Summers said. According to him, for the time being oil production “has been higher than the company’s targets” and financial indicators for April-June will be stronger than 1Q 2009 numbers. At the end of 2008 TNK-BP projected oil output to remain at least at the 2008 level (68.8 mn tons of crude). TNK-BP plans to officially announce its 2Q 2009 financials at the end of July. For the record, TNK-BP’s 1Q net profit sank 60% to USD 747 mn, but turned out to be nearly 3 times higher than the forecast made by British oil producer BP, its shareholder, contributing to analysts’ opinions oil producers have begun to improve their positions. Currently, TNK-BP, which recently had plans to downsize investments, now expects to lift cash injections. “Investments could be increased this year, but not substantially,” Summers said.
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