Petrobras Barrels in $3.7B for Third Quarter 2009

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.