CFO: Petrobras to Speed Asset-Sale Plan, May Add Debt
These units, though, will do little but help Petrobras make up for declining output from old fields and replace output from fields under maintenance. Petrobras expects to meet its Brazilian production target for 2013 of 2 million barrels a day, plus or minus 2 percent, an amount little changed from 2010, Formigli said.
Investors, who have seen Petrobras' performance stagnate along with production, may get some relief from accounting changes adopted for the first time in the second quarter.
On Friday, Petrobras reported second-quarter profit of 6.20 billion reais ($2.71 billion), reversing a year-earlier loss after the change, known as "hedge accounting" allowed it to avoid 8 billion reais ($3.5 billion) in non-cash, exchange-rate charges.
Without the accounting change, Petrobras would have reported its second loss in a year.
These losses will now be spread over an average of seven years by setting aside some of the company's current export revenue in the period, Barbassa said.
While Petrobras executives have no plan to ask the board for supplementary dividends for investors this year, the accounting change, if exchange rates remain the same, could boost dividend payments by about 600 million reais from where they otherwise would have been without it, Barbassa said.
Petrobras also plans to perform maintenance on its 151,000-barrel-a-day Gabriel Passos Refinery (REGAP) in Betim in the third quarter and on its 252,000-barrel-a-day Henrique Lage Refinery (REVAP) in São José dos Campos in the third and fourth quarters of 2013.
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