QGEP reports 4Q12 and Full Year 2012 results

QGEP Participações SA (BMF & BOVESPA: QGEP3), the largest independent producer of oil and gas in Brazil, announced yesterday (13/3) that the average production of gas from the Manati Field totaled 6.1 million m³ / day in 4Q12 and 2012, representing a growth of 30.9% and 49.7%, respectively, compared to the same periods last year.

The strong demand from Brazil´s thermal power plants contributed to the increase in production in both periods, continuing intense in early 2013, when the production of natural gas in January and February reached an average of 6.6 million m³ / day in the period.

Cash flow from operating activities reached a record R$ 254.3 million in 2012, compared to R$ 194.2 million in 2011. On December 31, 2012, the cash balance was R$ 952.3 million. Net revenue totaled R$ 116 million in 4Q12, an increase of 40% compared to 4Q11. In 2012, net revenue totaled R$ 462.3 million, 60% higher than in 2011. The EBITDAX totaled R$ 62.2 million in 4Q12, an increase of 210% over 4Q11; margin EBITDAX totaled R$ 285.1 million, 175% higher than the R$ 103.6 million reported in 2011.

"As we reviewed the Company‘s performance in 2012 and our outlook for 2013 and future years, we believe our investment thesis, based on a balanced company, puts us in a strong position for future growth. A significant portion of cash flow from operating QGEP is a reflection of our 45% interest in the Manati Field, the largest field in natural gas production in Brazil, "said Lincoln Guardado, CEO.

Visit the IR website and check the full presentation of 4Q12 and Full Year 2012 results. Click here!


Updated in  2014-01-09T11:53:08
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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