Petrobras reports Net Income of R$ 3,395 million in Q3
Petrobras announces today its consolidated results stated in millions of Reais, prepared in accordance with International Financial Reporting Standards – IFRS issued by the International Accounting Standards Board – IASB (A free translation from the original in Portuguese).
Consolidated net income attributable to the shareholders of Petrobras reached R$ 17,289 million in Jan-Sep/2013 and R$ 3,395 million in the 3Q-2013. Adjusted EBITDA reached R$ 47,413 million in Jan-Sep/2013.
The Company reported 3Q-2013 earnings of R$ 3,395 million and the following highlights:
• Domestic crude oil and NGL production remained flat. On September 2, 2013, the Company reached a record production level of 337 thousand bpd in the Pre-Salt area.
• Record diesel demand levels partially met by higher domestic production, with the remaining portion met by imports.
• The differential between domestic prices and international prices of oil products has increased, reflecting the depreciation of the Real against the U.S. dollar and higher international prices of oil products.
• Continuation of the divestiture program of assets in Brazil and abroad, with the conclusion of the disposal of BS-4 Atlanta and Oliva blocks in the Santos basin and of the Coulomb block in the Gulf of Mexico, resulting in a gain of R$ 557 million. Cash proceeds from the disposal of assets in the 3Q-2013 were R$ 1,194 million.
• A new discovery was announced in the pre-salt layer of Santos Basin (Iguaçu Mirim) and the production potential of Farfan 1 and Muriú 1, located at ultra-deep areas of Sergipe Basin, was confirmed.
• For the eighth consecutive year, we were listed on the Dow Jones Sustainability World Index, the world’s most important sustainability index that evaluates social, environmental and economic management best practices in the world.
• On October 21, 2013, Petrobras was awarded a 40% interest in the winning consortium of the Libra block auction, located in the ultra-deep waters of the Santos Basin, in the pre-salt area, with a R$ 6 billion signature bonus to be paid, relative to its share of the investment.