QGEP Reports 4Q14 and Full Year 2014 Results

Rio de Janeiro, Brazil, March 16th, 2015. QGEP Participações S.A. [BM&FBOVESPA: QGEP3] releases today its fourth quarter and full year of 2014 results. For further information, click here.

Highlights:
• Average daily gas production from the Manati Field was 5.9MMm3 in both 4Q14 and FY14;
• Progress at Manati compression plant continues on schedule; operations to begin in mid-2015;
• 2014 net revenue increased 3.5% to R$503.2 million, on strong production and natural gas pricing; 4Q14 net revenue was R$123.5 million;
• EBITDAX was R$285.1 million in FY14 and R$71.1 million in 4Q14;
• Net income was R$166.1 million in FY14, 13.6% lower than 2013 due to higher exploration costs and R$44.9 million in 4Q14;
• Operating cash flow of R$348.5 million in FY14 and R$77.1 million in 4Q14;
• Cash balance was R$1.1 billion at the end of 4Q14;
• Second Carcará exploration well spudded in January 2015; drilling to be completed in mid-2015; and
• QGEP announced a Dividend policy proposing annual payment of dividends of R$0.15 per share.

Conference Call - English | March 17th, 2015
(simultaneous translation)
11:00 a.m. - New York | 12:00 p.m. - Brasília
Dial-in: +1 (786) 924-6977
Code: QGEP
Webcast: click here

Participants are requested to connect fifteen minutes prior to the time set for the conference call.


Updated in  2015-04-10T16:07:32
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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