QGEP Reports 3Q14 Results

Rio de Janeiro, Brazil, November 12th, 2014. QGEP Participações S.A. [BM&FBOVESPA: QGEP3] releases today its third quarter of 2014 results. For further information, click here.

Highlights:

  • Average daily gas production from the Manati Field was 5.9MMm3 in both 3Q14 and 9M14;
  • Company is in final negotiation for Atlanta FPSO; QGEP to announce winning bid by the end of 2014;
  • Drilling of first Carcará appraisal well began in September 2014; first phase completed in the beginning of November 2014;
  • Net revenue was R$126.3 million in 3Q14, 1.5% lower from 3Q13, on lower Manati production;
  • EBITDAX was R$64.1 million and R$182.2 million in 3Q14 and 9M14, respectively;
  • Net income fell to R$42.5 million in 3Q14 from R$75.2 million in 3Q13, on higher exploration expenses and income taxes;
  • Operating cash flow in 3Q14 was R$140.6 million; R$271.3 million for 9M14; and
  • Cash balance was R$1.0 billion at the end of 3Q14.

Conference Call - English | November 13th, 2014
(simultaneous translation)
09:00 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  2015-04-14T10:19:23
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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