Being Efficient
Efficiency is doing things right, effectiveness is doing the right things
Case: Maximising impact of quarterly results at TNK-BP through enhanced work with financial media and analysts • TNK-BP desired widened and more positive coverage of its quarterly results announcements • Designed a more integrated workstream for preparing results materials with PR, IR and Group Accounts • Initiated separate investor call and press conference with top management involvement, inviting all relevant Moscow-based financial media, wires and trades • E $11. 396 BILLION, UP TNKBP'S Q 3 REVENU 11% ON YEAR /607 am EDT/1007 GMT uarter of 2010 he third q Moscow (Platts)--26 Oct e of $1. 447 billion for t re posted net incom pany said Tuesday. Anglo-Russian oil ventu the year before, the com illion, the company said % from the same period 2010, down 14 year to $11. 396 b arter was up 11% on the Revenue in the third qu llion b/d of oil in a statement. averaged 1. 534 mi condensate production 's third-quarter oil and ear comparison. out providing a year-on-y ing to the statement. equivalent, it said, with hen /d in the period, accord , 000 boe hird quarter of 2009, w Gas production was 182 1. 8% compared to the t gas production was up By Stephen B. 's total oil and ierm ccording to Platts data was boe/d, a October 26, 20 an densate production 10 7: 42 AM E it produced 1. 69 million company's oil and con TNK-BP Intern DT d. e months of the year, the ational Ltd. , B 000 boe/ In the first nin P P percent in the tput amounting to 208, to 1. 734 . 4% third quarter lc’s venture with Russian ith gas ou from the pre benefiting fro billionaires, s nuary-September rose 3 1. 525 million boe/d, w roduction in Ja vious three m m a aid profit rose ent said. This figure onths after sel 25 Net income ro weaker ruble. 's total hydrocarbons p The company last year, the statem ling inventorie se t s and based compan o $1. 45 billion from $1 d with the same period . 16 billion in y said in a sta million boe/d compare s 50%. ch hold the second qu tement today. net fell 14 pe arter, the M r evidence of the rcent from $1 ction by Slavneft, in whi Compared wit oscow excludes produ this year is furthe. 68 bil info h th d financial performance reholder level, " Sale rmation on TNK-BP’s websit lion, according to Bloomber e third quarter of last year, " 's robust operating an s rose 8. 4 perc g calculations b e. cooperation at the sha ent to $11. 4 b ased on ent team and excellent producer said illion fr tatement. strength of our managem said, according to the s projects that had been. TNK-BP sold about 1. 2 m om the second quarter, Russ an eenfield illion metric to ia’s third-larg produced in t said 's executive chairm e year was driven by gr est oil ns of oil and p he second qu The Russian cu e first nine months of th roducts in arter, acco rrency w Production growth in th , said. dollar, benefiting expor eakened 0. 9 percent in the rding to the company. the period in the Orenburg region quarter to ave ters wit s compared with a year TNK-BP cut ne and growing production rage 30. 6 rub ver the first nine month t debt about 26 h dollar-denominated rev les to the northern the end of Ju enue and rub ld production doubled o percent to $ Total greenfie ne, le cost Verkhnechonsk and 4. 29 b projects such as Uvat, in the period, facility in Novem the company said. The compan illion as of Sept. 30 from $5 s. earlier, driven by major Third Quarter Profits Up roduction y plans to tak. 82 billion at TNK-BP Sees contributed 11% to overall liquids p Financial Offic ber, with no immediate p e $1 billion fr hich lan er Jonathan M om a credit Kamennoye oil field, w To contact th uir told report s to take the remaining $ tput figures. e reporter on 1 billion, Chie (c) 2010 Energy Intelligence Group Inc. All rights reserved. ers in Mosco al ou this story: Ste w. f Moscow sbie said, providing no actu phen Bierman 1@blo Russian-UK joint venture TNK-BP saw net profits fall 14% year-on-year in omberg. net. in To contact th e editor respo nsible for this at wkennedy 3@ the third quarter despite higher revenues as the company missed out on a story: Will Ke bloomberg. n nnedy et. repeat of the net divestment gain it made from selling its oil-field services business a year earlier (IOD Oct. 28, p 4). Russia’s third-largest crude oil producer posted net income of $1. 447 billion in the July-September period under US GAAP standards, compared to $1. 68 billion in the year-earlier period. Revenues rose 10. 6% to $11. 396 billion on the back of higher oil prices but costs climbed by 19% to $3. 1 TNK-BP 3 Q Net Profit $1. 45 Billion billion, driven by a stronger ruble and increases in transportation and MOSCOW (Dow Jones)--Russia's No. 3 oil producer , part-owned by U. K. oil major electricity tariffs. Operating cash flow stood at a healthy $3. 01 billion. (BP), said Tuesday its third-quarter net profit fell 14% despite higher oil prices and output, “Liquidity is not really an issue for us at this point in time, ” said TNK-BP’s and that it expects further output growth. Chief Financial Officer Jonathan Muir. The company said net profit under U. S. GAAP accounting standards for July to September was $1. 45 billion, down from $1. 68 billion a year earlier, when the company booked a profit Nonetheless, TNK-BP’s organic capital expenditure for 2010 will now total from a sale of its oil services division. around $4 billion, down from the previously earmarked $4. 4 billion, Muir is the parent company of Moscow-listed (TNBP. RS), which is responsible for a told International Oil Daily at a briefing on Tuesday. The decrease is mainly quarter of BP's oil output. down to currency fluctuations, he explained, but was also due to a The company's daily production stood at 1. 716 million barrels of oil equivalent in the quarter, down from 1. 749 million in the second quarter. The decrease was due to lower production of slowdown at the company's Yamal fields. TNK-BP Provided results release, presentation and financials to journalists under embargo two hours in advance if they were present at the event. This gave them time to prepare articles and file quickly TNK-BP Thir d-Quarter P TNK-BP rofit Advance s TNK-BP Mikhail Fridman TNK-BP • • • Referred journalists to those equity analysts we thought better understood the company’s operations, resulting in more on-target comments from analysts The result was that press coverage of the company’s quarterly results doubled and for yearly results nearly tripled. The practice has been in place since 3 Q 2010 and continues to provide better results TNK-BP TNK-BP International BP PLC TNK-BP International TNK-BP Holding natural gas, which was due to seasonality, the company said. The company said it expects a 3% output growth for the full year of 2010, and further growth of between 1% and 3% in 2011. "Strong results of our business in Russia, combined with our recently announced agreements to acquire assets in Venezuela and Vietnam, provide with a solid platform for further growth and profitability, " Chief Executive Officer said in a statement. 's revenue jumped to $11. 40 billion. Operating cash flow was $3. 01 billion in the third quarter, while earnings before interest, taxes, depreciation and amortization, or Ebitda, was $2. 56 billion. TNK-BP Mikhail Fridman TNK-BP International
Lose money and I will forgive you, but lose even a shred of reputation and I will be ruthless.
Quantity vs. quality
“BP's Russian arm sought new operations in countries subject to western sanctions…” “BP's Russian arm, TNK-BP, has done away with BP's trademark eco-friendly colours on its website” “TNK-BP, the joint venture between BP and a consortium of Russian oligarchs was set up in 2003…”
“Who are you calling an oligarch? ”
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