Õleo e Gás Participações S.A. Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Capex Guidance for 2015 and 2016
Aug 13 15
Oleo e Gas Participacoes SA announced consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, operating EBITDA was BRL 2.684 million compared with operating LBITDA of BRL 2.117 million a year ago. Net loss was BRL 67.539 million compared with net income of BRL 303.404 million a year ago. LBIT was BRL 69,123,000 against EBIT of BRL 303,254,000 a year ago.
For the six months, operating LBITDA was BRL 0.306 million compared with operating LBITDA of BRL 4.021 million a year ago. Net loss was BRL 96.678 million compared with net income of BRL 516.371 million a year ago. LBIT was BRL 88,036,000 against EBIT of BRL 517,637,000 a year ago.
The company expects capex of USD 123 million for 2015 and USD 204 million for 2016.
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.