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2016-08-16 18:35:00

PETROBRAS NET INCOME $106 MLN

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.

 

PETROBRAS 2Q2016 RESULTS

 

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Earlier: 

STATOIL BUY BRAZIL: $2.5 BLN 

PETROBRAS SELLS $6.75 BLN  

PETROBRAS SELLS $1.4 BLN 

BRAZIL & VENEZUELA IN SHOCK 

PETROBRAS CUTS 12,000 JOBS

 

 

Tags: PETROBRAS, BRAZIL

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