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2017-08-12 12:26:00

PETROBRAS NET INCOME R$ 4,765 MLN

PETROBRAS NET INCOME R$ 4,765 MLN

PETROBRAS -  Net Income of R$ 4,765 million in 1H-2017, compared to a loss of R$ 876 million in 1H-2016, as a result of:

  • Increase of R$ 9,554 million in export revenues due to higher volume and oil prices;
  • Gain of R$ 6,977 million due to the sale of participation in Nova Transportadora do Sudeste (NTS);
  • Reduction of 68% in exploratory costs and 16% in sales, general and administrative expenses;
  • Reduction of 7% in oil products sales in the domestic market and lower import expenses;
  • Expenses with adherence to Tax Settlement Programs (R$ 6,234 million);
  • Higher production taxes due to a higher oil price
  • Provision for losses with receivables related to Vitória 10.000 drillship (R$ 818 million).
  • Net income of 2Q-2017 remained in the same level in relation to 2Q-2016, reflecting the lower oil products margins, the reduction in the sales volume and the lower operating expenses.
  • Rise of 6% of the Adjusted EBITDA* to R$ 44,348 million in 1H-2017, reflecting lower operational expenses and import costs. Adjusted EBITDA Margin* was 33% in 1H-2017
  • In 1H-2017, Free Cash Flow* reached R$ 22,722 million, 70% higher than 1H-2016. This result reflects the combination of improvement in generation and reduction in investments. Free Cash Flow* in 2Q-2017 was positive for the ninth quarter in a row.
  • Gross debt decreased 2%, from R$ 385,784 million as of December 31, 2016 to R$ 376,587 million and Net Debt* decreased 6%, from R$ 314,120 million as of December 31, 2016 to R$ 295,300 million as of June 30, 2017.
  • In dollars, the decrease was of 7% (US$ 7,118 million) in Net Debt*, from US$ 96,381 million as of December 31, 2016 to US$ 89.263 million as of June 30, 2017. In addition, the liquidity management led to a weighted average maturity of outstanding debt to increase from 7.46 years as of December 31, 2016 to 7.88 years as of June 30, 2017.
  • Reduction of the ratio between Net Debt* and LTM Adjusted EBITDA*, from 3.54 as of December 31, 2016 to 3.23 as of June 30, 2017. During the same period, Leverage* decreased from 55% to 53%.
  • Petrobras employees as of June 30, 2017 were 63,152, a decrease of 18% compared to June 30, 2016, due to the voluntary separation incentive plan.

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Earlier: 

PETROBRAS NET INCOME R$ 4,449 MLN
2017, May, 13, 12:21:07

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

 

 

PETROBRAS NET INCOME R$ 2,510 BLN
2017, March, 23, 12:10:00

PETROBRAS NET INCOME R$ 2,510 BLN

PETROBRAS - Net income of R$ 2,510 million in 4Q16, compared to a loss of R$ 16,458 million in 3Q-2016

 

 
 PETROBRAS NET LOSS  R$ 16,458 MLN
2016, November, 12, 12:04:00

PETROBRAS NET LOSS R$ 16,458 MLN

PETROBRAS - Net loss of R$ 16,458 million, compared to net income of R$ 370 million in the 2Q-2016,

 

 PETROBRAS CUTS 11,704 JOBS
2016, September, 5, 18:35:00

PETROBRAS CUTS 11,704 JOBS

In April, the company said it expected up to 12,000 employees to leave as part of the layoff program.

 

 PETROBRAS NET INCOME $106 MLN
2016, August, 16, 18:35:00

PETROBRAS NET INCOME $106 MLN

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.

 

 PETROBRAS CUTS 12,000 JOBS
2016, April, 5, 18:10:00

PETROBRAS CUTS 12,000 JOBS

Brazil’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.

 
 
Tags: PETROBRAS, BRAZIL

Chronicle:

PETROBRAS NET INCOME R$ 4,765 MLN
2018, May, 21, 10:40:00

U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

PETROBRAS NET INCOME R$ 4,765 MLN
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.

PETROBRAS NET INCOME R$ 4,765 MLN
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.

PETROBRAS NET INCOME R$ 4,765 MLN
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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