QGEP’s net income reaches R$30.1 million in 2Q13

QGEP Participações S.A. (BMF&Bovespa: QGEP3), the only Brazilian independent company to operate in the premium area of the pre-salt, announced today (August 7th) that net income was R$30.1 million in 2Q13, compared with net loss of R$96.1 million in 2Q12, when the Company recognized higher exploratory costs.

Cash flow from operating activities was R$62.1 million, down 4.4% from 2Q12. In the first half of 2013, operating cash flow was R$160.8 million, versus the R$120.7 million recorded in the first half of 2012. Net revenue reached R$100.2 million in 2Q13, compared with R$123.2 million in 2Q12. EBITDAX came to R$41.7 million in 2Q13, compared with R$79.3 million in 2Q12, and EBITDAX margin stood at 41.6%. Cash balance (includes cash, cash equivalents and marketable securities) amounted to R$1.1 billion.

"In the second quarter we continued to effectively execute on our strategy of sustainable, balanced growth across all of our key activities: exploration, development and production. The highlight of the quarter was our participation in the 11th ANP Bidding Round, when we acquired eight blocks in deep waters located across five basins in Brazil," said Lincoln Guardado, CEO of QGEP.

He also pointed out that QGEP succeeded in achieving average daily production of 5.0 MMm³ of natural gas from the Manati Field in the second quarter, despite the downtime associated with scheduled maintenance work. The entire 20-day production stoppage was completed in April within the planned schedule. As a result, QGEP is forecasting 2014 production of 5.5 to 6.0 MMm³ for the Manati Field.

As part of its commitment to transparency and responsible management, QGEP’s Annual Sustainability Report for the year 2012 was published early August, 2013.

Updated in  2014-01-09T12:05:57
All the dates of this page are presented in official timezone of Brasilia - Brazil.


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