MOSCOW, February 28 (RIA Novosti) - Russian-British oil venture TNK-BP International saw its 2012 IFRS net profit fall 13 percent year-on-year to $7.584 billion, the company said in a report on Thursday.
The company’s gross revenue for 2012 rose 0.4 percent year-on-year to $60.45 billion, while EBITDA fell 7 percent to $13.35 billion.
Operating cash flow rose 22 percent to $13.238 billion, while TNK-BP’s net debt for the year fell from $6.88 billion to $3.86 billion.
The company’s total proved reserves reached 9.8 bn barrels of oil equivalent representing a 210 percent reserve replacement ratio with record reserve additions of 1.4 billion barrels.
Chief Financial Officer Jonathan Muir said: “Our strong financial position enabled continued investment in existing operations and major new projects, strengthening the sustainability of our business.”
TNK-BP was purchased by Russia's largest oil company Rosneft in 2012, in two deals worth over $50 billion.