Financial Results

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Rio de Janeiro – August 6, 2015 - FIRST HALF OF 2015 RESULTS - Reviewed by independent auditors, 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 of the original in Portuguese).

Net income was R$ 5,861 million in the 1H-2015, 43% lower than in the 1H-2014.
Operating income was R$ 22,822 million in the 1H-2015, 39% higher than in the 1H-2014.
Adjusted EBITDA was R$ 41,289 million in the 1H-2015, 35% higher than in the 1H-2014.


Net income
R$ 0.5 billion

Production
2.765 Mbbl/d

Adjusted EBITDA
R$ 19.771 million

Main highlights
R$ million
Jan - Jun

 

 

 

 

 

2015

2014

2015 x 2014 (%)

 

2Q-2015

1Q-2015

2Q15 x 1Q15 (%)

2Q-2014

5,861

10,352

(43)

Consolidated net income (loss) attributable to the shareholders of Petrobras

531

5,330

(90)

4,959

22,822

16,425

39

Net income (loss) before finance income (expense), share of earnings in equity-accounted investments, profit sharing and income taxes

9,487

13,335

(29)

8,848

41,289

30,595

35

Adjusted EBITDA

19,771

21,518

(8)

16,246

 

Net income was R$ 5,861 million in the 1H-2015, 43% lower than in the 1H-2014 due to higher net finance expenses and to the recognition of tax expenses with respect to the tax on financial operations (Imposto sobre Operações Financeiras - IOF), partially offset by a higher gross profit (26%), resulting from higher margins in sales of oil products in the domestic market and increased crude oil export volumes driven by a 9% increase in domestic crude oil production, despite the decrease in domestic demand for oil products.

 

Key events in the 1H-2015:

> Higher domestic crude oil and NGL production (9%, 183 thousand barrels/day);
> Higher crude oil exports volumes  (107%, 178 thousand barrels/day);
> Lower domestic demand for oil products (7%, 168 thousand barrels/day);
> Lower import and production taxes costs;
> Reversal of an allowance for impairment of receivables from companies in the northern Brazil isolated electricity system in March 2015 (R$ 1,295 million);
> Higher net finance expense, amounting to R$ 11,669 million, mainly due to foreign exchange variation losses and to higher interest expense, attributable to an increase in the Company’s debt and a decrease in the level of capitalized borrowing costs; and
> Brazilian income taxes on income of companies incorporated abroad (R$ 1,097 million).

Key events in the 2Q-2015:

> Lower domestic crude oil and NGL production (2%, 38 thousand barrels/day);
> Higher crude oil exports volumes (44%, 124 thousand barrels/day);
> Domestic oil product production increased (7%, 134 thousand barrels/day) and feedstock processed was higher (6%, 109 thousand barrels/day), maintaining an 86% share of domestic oil used for feedstock processing;
> The Company received R$ 259 million related to insurance proceeds with respect to an incident in Chinook field (U.S.) in 2011;
> The Company received R$ 157 million related to amounts recovered by the Brazilian Public Prosecutor’s Office in the context of the “Lava Jato” (Car Wash) Investigation;
> The Company recognized tax expenses of R$ 3,931 million (including interest paid and after taxes) with respect to the tax on financial operations (Imposto sobre Operações Financeiras - IOF); and
> Impairment losses of R$ 1,283 million were recognized with respect to Gas & Power, Refining, Transportation and Marketing and Exploration and Production assets, attributable to projects removed from the 2015-19 Business and Management Plan investment portfolio.

Audio of the Earnings Announcement 2Q15

Rio de Janeiro – May 15, 2015 - (A free translation of the original in Portuguese). Petrobras announces today its consolidated results for the 1Q-2015 reviewed by independent auditors, 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 and Adjusted EBITDA in the 1Q-2015 were R$ 5,330 million and R$ 21,518 million, respectively.

Net income
R$ 5.3 billion

Production
2,803 Mbbl/d

Adjusted EBITDA
R$ 21,518 million

Main highlights

 

R$ million

Jan-Mar                     

 

 

2015

2014

2015 x 2014 (%)

 

4Q-2014

1Q15 X 4Q14 (%)

 

 

 

 

 

 

 5,330

 5,393

 (1)

Consolidated net income (loss)  attributable to the shareholders of Petrobras

 (26,600)

120

 2,803

 2,531

 11

Total domestic and international crude oil and natural gas production (Mbbl/d)

 2,799

 21,518

 14,349

 50

Adjusted EBITDA

 20,057

 

 The Company reported net income of R$ 5,330 million in the 1Q-2015, mainly due to the following events compared to the 4Q-2014:

 

. Diesel (5%) and gasoline (3%) price increases on November 7, 2014;

. Lower cost of sales due to decreased crude oil and oil product import costs and volumes;

. Lower export revenues, affected by a decrease in international crude oil prices (average Brent prices decreased by 29% in the 1Q-2015 compared to the 4Q-2014);

. Decreased domestic oil product sales (10%) due to the seasonal consumption and lower economic activity;

. R$ 5,621 million net finance expense in the 1Q-2015;

. The Company reached a monthly average crude oil production record level of 672 thousand barrels per day in the pre-salt layer in the first quarter of 2015 (on April 11, 2015 the Company reached a crude oil production record level of 800 thousand barrels per day at the pre-salt layer); and

. Production start-up of P-61 platform in Papa-Terra field in the Campos Basin and of the early production system in Búzios field (Santos Basin), as well as the production start-up of Hadrian South field in ultra-deep waters of the Gulf of Mexico.

 

In the 1Q-2015, a 20.8% depreciation of the Real against the U.S. dollar affected our consolidated statement of income, shareholders’ equity and indicators. However, this effect did not materially impact our net cash flows, as set forth below:

 

Consolidated statement of income, shareholders’ equity and indicators items

R$ million

 

 

Consolidated statement of income (revenues, costs, operating expenses and finance expense)

1,426 decrease

Cash and cash equivalents held abroad

9,788 increase

Debt denominated in foreign currency

55,110 increase

Cash flow hedge accounting (shareholders’ equity)

18,137 decrease

 

 

Net debt/Adjusted EBITDA ratio

0.64X increase

Leverage

4.5pp increase

Audio of the Earnings Announcement 1Q15