Petrobras Post Net 1H:15 Earnings

Instant Max AI

(Petrobras, 7.Aug.2015) – Petrobras made net earnings of R$5.9 bln in the 1H:15, down 43% from the 1H:14. This result mainly reflects an increase in net financial expenses and recognition of a Financial Operations Tax (IOF) expense involving loans between different Petrobras group companies.

Operating earnings were R$22.8 bln, up 39% from the 1H:14. The main factor that contributed to this growth was higher margins in oil product sales.

Adjusted EBITDA in the 1H:15 was R$41.3 billion, up 35% from the 1H:14.

Free cash flow was R$4.5 bln, compared with minus R$15.8 bln in the 1H:14.

Investment amounted to R$36.2 bln, down 13% from the 1H:14. The exploration and production area in Brazil accounted for 78% of this investment. In dollar terms, investment totaled $12 bln, down 33% from the 1H:14 ($18.1 bln).

Petrobras received R$157 mln of sums retrieved as part of the Federal Police’s “Lava Jato” anticorruption investigation.

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