TNK-BP Q1 Net Profit Down 17%

TNK-BP International posted a decline in its first quarter net profit. TNK-BP's quarterly net profit dropped to $2.18 billion, versus $2.62 billion, in the year-ago period. Its revenue surged 16% to $16.1 billion from $13.82 billion. TNK-BP produced 2 million barrels of oil equivalent a day in the quarter. Its earnings before interest, taxes, depreciation and amortization (EBITDA) declined 9% to $3.61 billion from $3.94 billion.