PETROBRAS NET INCOME $106 MLN
PETROBRAS published main financial highlights 2Q-2016 x 1Q-2016
- Net income attributable to the shareholders of Petrobras of US$ 106 million, compared to net loss attributable to the shareholders of Petrobras of US$ 318 million in the 1Q-2016, as a result of:
- A decrease of 22% in net finance expenses;
- An 7% increase of crude oil and natural gas total production;
- Higher revenues with an increase of 14% in crude oil and oil products exports and lower costs related to natural gas imports; Expenses related to the new Voluntary Separation Incentive Plan (PIDV); and
- Impairment losses related to Comperj assets.
- The higher cash provided by operating activities and the decrease of capital expenditures and investments resulted in a positive free cash flow* for the fifth consecutive quarter of US$ 3,073 million in the 2Q-2016, 4 times higher when compared to 1Q-2016.
- Adjusted EBITDA* of US$ 5,789 million in the 2Q-2016, a 7% increase compared to the 1Q-2016.
- Gross indebtedness decreased 2% in U.S. dollars, from US$ 126,262 million on December 31, 2015 to US$ 123,922 million on June 30, 2016 (a US$ 2,340 million decrease). Net debt* increased 3% from US$ 100,425 million on December 31, 2015 to US$ 103,556 million on June 30, 2016.
- The ratio between net debt and the Last Twelve Months (LTM) Adjusted EBITDA increased from 4.41 as of December 31, 2015 to 5.18 as of June 30, 2016 and the leverage decreased from 60% to 55% in the same period.
- The issuing of global notes totaling US$ 6.75 billion and the tender offer of US$ 6.3 billion generated the increase of average maturity of outstanding debt from 7.14 years as of December 31, 2015 to 7.30 years as of June 30, 2016.
Main operating highlights 2Q-2016 x 1Q-2016
- Total crude oil and natural gas production was 2,804 thousand barrels of oil equivalent per day (boed), an increase of 7% compared to the 1Q-2016.
- Domestic oil products output decreased 2% to 1,919 thousand barrels per day (bpd) and the domestic sales increased 3% to 2,109 thousand bpd.
- Crude oil and oil products exports increased 14% to 515 thousand bpd and average Brent price increased 34% to US$/bbl 45.57.
- Reduction of 55% in LNG imports due to higher domestic gas supply and lower thermoelectric demand.
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Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.
OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.
REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.
Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.