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:
2017, May, 13, 12:21:07
PETROBRAS NET INCOME R$ 4,449 MLNPETROBRAS - Net income of R$ 4,449 million in 1Q17, compared to a loss of R$ 1,246 million in 1Q-2016
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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. |