Petrobras has announced 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), or US $4.1 billion, 33% up on the previous quarter earnings of R$ 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$17.5 billion in the quarter.
Oil and gas production in the 2Q09 increased by 2% over the 1Q09 and 6% year-on-year in the 1H09. Increased production included volumes from start-ups of new platforms in Brazil.
Pricing policy in Brazil, combined with lower feedstock costs, contributed to record earnings in the downstream segment.
Higher capital expenditures related to the Company's growth plan (R$ 17.8 billion in the quarter) caused an increase in the leverage ratio (net debt/net capitalization) from 26% to 28%.
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