Petrobras announce 1Q14 Net Income of R$ 5,393 million

Petrobras announce 1Q14 Net Income of R$ 5,393 million

Petrobras announces 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
Consolidated net income attributable to the shareholders of Petrobras reached R$ 5,393 million in the 1Q-2014. Adjusted EBITDA reached R$ 14,349 million in the 1Q-2014.
The Company reported 1Q-2014 earnings of R$ 5,393 million and the following highlights:
• Lower domestic crude oil and NGL production (a 2% decrease, 38 thousand barrels/day) compared with 4Q-2013 resulting from the demobilization of FPSO – Brazil (Roncador) and to the stoppage of P-20 platform (Marlim). The Company reached a record level of average monthly production at the pre-salt layer in March of 395 thousand bpd.
• Production start-up of new systems: P-58 and the successful connection of well 9-SPS-77A well to FPSO Cid. São Paulo (Sapinhoá), through a pioneering system RSB (Riser Support Buoy – Riser Supported by a submerged Buoy).
• Higher feedstock processed (a 1% increase, 19 thousand barrels/day) compared to the 4Q-2013, with a crude oil processing record in March and increased domestic oil product production, which reduced the share of oil product imports in our sales mix.
• Issuance of Global Notes in the amount of EUR 3.0 billion and £ 0.6 billion (equivalent to US$ 5.1 billion); and US$ 8.5 billion, to finance our Business and Management Plan.
• 8,298 employees enrolled in our Voluntary Separation Incentive Plan (PIDV) and the R$ 2,396 million expected to be paid were recognized as other operating expenses.
• On April 25 the Company paid the first and only installment of our dividend distribution for 2013 of R$ 0.53808 per common share and R$ 0.99757 per preferred share, paid in the form of interest on capital. Amounts were restated and indexed to the Selic interest rate.
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