TNK - BP: net profit falling by 13% in 2012

Number three Russian  oil producer-TNK - BP- purchased by its rival Rosneft, posted Thursday a net profit decline of 13% in 2012 to $ 7.6 billion, penalized by tax and accounting effects despite an increase in its production.

This decrease in profitability comes despite a slight increase in its activity: its turnover increased by 0.4% to $ 60.4 billion and its production of oil and gas by 1.3% to 2.02 million barrels equivalent oil per day on average.

The company emphasized the progress of its operations abroad, including the Viet Nam, the Venezuela and the Brazil.

On the only fourth quarter, net income for TNK - BP declined by 11% to $ 1.9 billion.

Its gross operating surplus declined by 9% to 3.2 billion between October and December and its turnover by 8% to $ 14.4 billion.

Credit Suisse analysts have deemed these disappointing results and stressed the deterioration of production, declining at the end of the year compared to the end of 2011, particularly in Western Siberia.

The number one Russian oil, public group Rosneft, hopes to complete the acquisition of TNK - BP in the first half. Announced in October, the transaction values TNK - BP to $ 55 billion and must transform Rosneft in world's largest producer of crude listed worldwide.