Petrobras reports consolidated results for 2012

Petrobras reports consolidated results for 2012

Net Income of R$ 21.2 billion
Petrobras reports consolidated results for the fourth quarter and fiscal year 2012, according to International Financial Reporting Standards (IFRS).
In 2012, net income totaled R$ 21,182 million, 36% lower than in 2011, reflecting the effects of foreign exchange depreciation, greater share of imported oil products on sales volume and higher operating expenses driven by more write-offs of dry or sub-commercial wells. For the year, operating cash flow generation as measured by the adjusted EBITDA reached R$ 53,439 million, 14% lower than in 2011.
Net income amounted to R$ 7,747 million in the 4th quarter of 2012, up by 39% from the previous quarter particularly driven by financial gains and higher tax benefits. For the quarter, adjusted EBITDA amounted to R$ 11,944 million, 17% lower than 3Q12.
In the operational area, we highlight the achievement of the production target set for the year, totaling 1,980 thousand barrels per day of oil and NGL in Brazil. Petrobras’ total oil and natural gas production reached 2,598 thousand barrels of oil equivalent per day.
Moreover, we achieved an oil processing record at our refineries between August 9th and 12th (2,101 thousand barrels per day). For the year, oil products production was 1,997 thousand barrels per day and Brazilian market sales were 2,285 thousand barrels per day;
Investments in 2012 totaled R$ 84,137 million, most of which went to the Exploration & Production (51%) and Downstream (34%) segments. Investments were aimed at boosting productive capacity and at modernizing and expanding refining facilities.
Furthermore, Petrobras announces the approval of the 2013 Annual Business Plan, totaling R$ 97,754 million. The table below shows the planned investment amounts per segment.
2013 Annual Business Plan
Segments Investments R$ Million %
Exploration & Production 51,943 53.1%
Downstream 32,550 33.3%
Gas & Energy 5,535 5.7%
International 3,754 3.8%
Distribution 1,210 1.2%
Biofuels 1,316 1.3%
Corporate 1,445 1.5%
TOTAL 97,754 100%
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