PETROBRAS NET INCOME R$ 4,449 MLN
PETROBRAS - Net income of R$ 4,449 million in 1Q17, compared to a loss of R$ 1,246 million in 1Q-2016, as a result of:
- lower oil and natural gas imports costs, due to the higher share of national oil in the processed feedstock and to the higher domestic natural gas production;
- higher level of exports, that reached 782 thousand barrels per day (bpd), 72% above 1Q-2016, with higher average prices;
- sales, general and administrative expenses, 27% lower than 1Q-2016;
- decrease of 11% in net finance expenses; and
- lower expenses associated with asset write-offs and with drilling rigs idleness.
- Adjusted EBITDA* of R$ 25,254 million in 1Q-2017, 19% higher than 1Q-2016, reflecting lower operational expenses and import costs. Adjusted EBITDA Margin* was 37% in 1Q-2017.
- In 1Q-2017, Free Cash Flow* was positive for the eighth quarter in a row, reaching R$ 13,368 million, 5.6x 1Q-2016. This result reflects the combination of improvement in the operational generation and reduction in investments.
- Gross debt decreased 5%, from R$ 385,784 million as of December 31, 2016 to R$ 364,758 million as of March 31, 2017 and Net debt* decreased 4%, from R$ 314,120 million as of December 31, 2016 to R$ 300,975 million as of March 31, 2017.
- In dollars, the decrease was of 1% (US$ 1,388 million) in net debt, from US$ 96,381 million as of December 31, 2016 to US$ 94,993 million as of March 31, 2017. In addition, the liquidity management led to a weighted average maturity of outstanding debt to increase from of 7.46 years as of December 31, 2016 to 7.61 years as of March 31, 2017.
- Reduction of the ratio between Net debt* and LTM Adjusted EBITDA*, from 3.54 as of December 31, 2016 to 3.24 as of March 31, 2017. During the same period, leverage decreased from 55% to 54%.
- Petrobras employees as of March, 31st,2017 were 65,220, a decrease of 17% compared to March 31st, 2016, due to the voluntary separation incentive plan.
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Earlier:
2017, March, 23, 12:10:00
PETROBRAS NET INCOME R$ 2,510 BLNPETROBRAS - Net income of R$ 2,510 million in 4Q16, compared to a loss of R$ 16,458 million in 3Q-2016
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2016, November, 12, 12:04:00
PETROBRAS NET LOSS R$ 16,458 MLNPETROBRAS - Net loss of R$ 16,458 million, compared to net income of R$ 370 million in the 2Q-2016,
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2016, September, 5, 18:35:00
PETROBRAS CUTS 11,704 JOBSIn April, the company said it expected up to 12,000 employees to leave as part of the layoff program.
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2016, August, 16, 18:35:00
PETROBRAS NET INCOME $106 MLNNet income attributable to the shareholders of Petrobras of US$ 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.
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2016, April, 5, 18:10:00
PETROBRAS CUTS 12,000 JOBSBrazil’s troubled state-run oil company Petróleo Brasileiro SA on Friday announced a beefed up voluntary layoff program that could affect up to 12,000 jobs amid intense efforts to cut costs. |