Financial Results

Access information on our quarterly earnings announcements.

See the presentations, audios and transcripts of the webcasts. Check out the RMFs, ITRs and other information on our quarterly earnings announcements.

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