Petrobras has announced its consolidated results of the Third Quarter 2009 (3Q09), in accordance with generally accepted accounting practices in United States (US GAAP). The net income was US $3.7 billion (US $0.43 per share), in line with previous quarter earnings of US $3.9 billion (0.45 per share). The earnings per ADR was US $0.86 in the 3Q09 versus US $0.90 in the 2Q09.
The result was impacted by the provision for the non-recurring payment of Marlim special participation tax, in the amount of US$ 1.2 billion, as a result of the final agreement announced by the Company in October 23, 2009. Operating cash flow, measured by EBITDA, was US$ 7.2 billion in the quarter and US$ 20.8 billion in the first 9M.
The leverage ratio (net debt/net capitalization) was roughly stable at the 27% level. The proceeds of the BNDES loan, in the amount of US $13.3 billion, contributed to the cash increase and will be used to finance Petrobras' business plan. The capital expenditures in the first 9M was US $24.3 billion, 47% dedicated to exploration and production segment.
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