Rio de Janeiro, August 14, 2009 PETRÓLEO BRASILEIRO S/A - PETROBRAS, announces its consolidated results of the second quarter
2009 (2Q09), in accordance with generally accepted accounting practices in Brazil (BR GAAP).
The net income was R$ 7.7 billion (R$ 0.88 per share), 33% up on the previous quarter earnings of R$ 5.8 billion (0.66 per share). The earnings per ADR was R$ 1.76 in the 2Q09 versus R$ 1.32 in the 1Q09.
The result was mainly due to production increase, recovery of oil prices and reduction of operating expenses. Operating cash flow, measured by EBITDA, came to R$ 17.5 billion in the quarter.
Earnings by Business Segment (R$ Million)
|Exploration & Production||5.451
(2) Excluding the Corporate segment
The oil and gas production in the 2Q09 increased by 2% over the 1Q09 and 6% year-on-year in the 1H09. Increased production included volumes from start-ups of new platforms in Brazil.
Pricing policy in Brazil, combined with lower feedstock costs, contributed to record earnings in the downstream segment.
Higher capital expenditures related to the Company´s growth plan (R$ 17.8 billion in the quarter) caused an increase in the leverage ratio (net debt/net capitalization) from 26% to 28%.
For complete information, please refer to Financial Market Report.
Discussion of the second quarter 2009 results will take place on Tuesday, August 18, 2009