Petrobras Barrels in $4.24B for Third Quarter '09

Petrobras has announced its consolidated results of the Third Quarter 2009 (3Q09), in accordance with generally accepted accounting practices in Brazil (BR GAAP).

The net income was R$7.3 billion (R$0.83 per share), or US $4.24 billion, in line with previous quarter earnings of R$7.7 billion (0.88 per share). The earnings per ADR was R$1.66 in the 3Q09 versus R$1.76 in the 2Q09.

The result was impacted by the provision for the non-recurring payment of Marlim special participation tax, in the amount of R$2.05 billion, as a result of the final agreement announced by the Company in October 23, 2009. Operating cash flow, measured by EBITDA, was R$17.5 billion in the quarter and R$45 billion in the first 9M.

The Exploration and Production segment maintained its positive results, highlighting the increase of the production. The Downstream segment, in the other hand, was impacted by the prices decrease of diesel and gasoline in the domestic market, implemented last June.

The oil and gas production in the 3Q09 increased by 4% over the 3Q08 and 5% year-on-year in the 9M of 09, reaching the level of 2,534 thousand boed. Increased production included volumes from start-ups of new platforms in Brazil.

The leverage ratio (net debt/net capitalization) was stable at the 28% level. The proceeds of the BNDES loan, in the amount of R$25 billion, contributed to the cash increase and will be used to finance Petrobras' business plan. The capital expenditures in the first 9M was R$50.68 billion, 46% dedicated to exploration and production segment.



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