Oleo e Gas Participacoes SA Reports Production Results for the Month of April 2015
May 15 15
Oleo e Gas Participacoes SA reported production results for the month of April 2015. For the period, the company reached a total of 413,291 barrels of oil, of which 312,945 barrels reflect the Tubarão Martelo Field production and 100,346 barrels belong to the Tubarão Azul Field production.
Oleo e Gas Participacoes SA Announces Consolidated Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Production Guidance for the Year 2015
May 14 15
Oleo e Gas Participacoes SA announced consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company's net revenue was BRL 98 million compared with BRL 221 million a year ago. Operating EBITDA loss was BRL 56 million compared with operating EBITDA of BRL 76 million a year ago. Net loss was BRL 68 million compared with net income of BRL 129 million a year ago. The result was impacted by: negative gross margin of RBRL 36 million in the Tubarão Martelo and Tubarão Azul Fields, reflecting the sharp drop in the international oil prices; full impairment of the exploration blocks situated in the Pará-Maranhão Basin, totaling BRL 24 million, and those acquired during the ANP’s 11th Bidding Round, in the Ceará (CEM-603 and CEM-661) and Potiguar (M-762-POT and POT-M-475) Basins, totaling BRL 95 million. These impairments were also a result the slump in low oil prices, which hindered the Company from making new exploration investments in those areas; expenses with currency variations, especially unrealized expenses, of BRL 111 million; restructuring costs and general and administrative expenses of BRL 34 million; and depreciation and amortization expenses and costs totaling BRL 21 million, with no cash effect. Capex was BRL 11 million compared with BRL 267 million a year ago. The company reported negative adjusted EBITDA including non-recurring items of BRL 74.1 million, EBIT of BRL 170.6 million, EBT of BRL 31.2 million, and net income from continued operations of BRL 23.95 million.
The Tubarão Azul field produced a total of 267,000 barrels of oil in the quarter, compared to 272,000 barrels of oil in the fourth quarter of 2014 and 246,000 barrels of oil in the first quarter of 2014, with production having resumed only in February. The steady drop in production comes as a result of its lack of investment in the field, due to the difficult market conditions. The Tubarão Martelo Field produced a total of 961,000 barrels of oil in the quarter, compared to 1.177 million barrels of oil in the fourth quarter of 2014 and 967,000 barrels of oil in the first quarter of 2014.
The company expects production in 2015 will average 8,000 barrels of oil per day, compared to the previous forecast of 12,700 barrels of oil per day.
OGX Petróleo e Gás Participações S.A. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
Mar 23 15
OGX Petróleo e Gas Participacoes SA. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the year, the company reported net revenue of BRL 16,097,000 against BRL 33,913,000 a year ago. Operational LBITDA was BRL 16,097,000 against BRL 33,913,000 a year ago. LBIT was BRL 5,548,000 against BRL 33,913,000 a year ago. Net loss from continuing operations was BRL 16,505,000 against BRL 26,048,000 a year ago. Net profit was BRL 9,868,021,000 against net loss of BRL 17,434,691,000 a year ago.
For the quarter, the company reported net revenue of BRL 10,218,000 against BRL 19,511,000 a year ago. Operational LBITDA was BRL 10,218,000 against BRL 19,511,000 a year ago. EBIT was BRL 331,000 against LBIT of BRL 19,511,000 a year ago. Net loss from continuing operations was BRL 3,399,000 against BRL 18,785,000 a year ago. Net loss was BRL 5,780,000 against BRL 9,785,892,000 a year ago.