QGEP announces net income and change in its executive board

QGEP Participações S.A. (BMF&Bovespa: QGEP3), the largest privately-owned company in the Brazilian E&P industry in terms of production, announces this Thursday (November 8) consolidated net income of R$61.9 million in the third quarter of 2012, an increase of R$65.4 million over the same period of 2011.

Cash flow from operational activities reached R$64.5 million, similar to the R$64.9 million recorded in 2Q12. Net revenue totaled R$127.2 million, up 71.8% on 3Q11 and 3.3% on 2Q12. In 9M12, net revenue reached R$346.3 million, a 68.2% increase over 9M11. EBITDAX in 3Q12 came to R$87.1 million, 85.3% more than in 3Q11, with an EBITDAX margin of 6%.

"We had an excellent financial and operational performance in this quarter, with significant growth in the revenue, EBITDA and net income lines in both the annual and the quarterly comparisons, mainly due to the high levels of production in the Manati Field. In addition, we generated substantial cash from operational activities and made important headway in our exploratory projects during the first nine months of the year," said Lincoln Guardado, the company’s CEO.

The high demand for natural gas yielded positive results in the Manati Field, where production reached an average of 6.7 MMm3/day in 3Q12 and 6.1 MMm3/day in 9M12.

The company also announced that Sérgio Michelucci, who was already a member of the company’s management, will be the new Exploration Officer effective on December 1, 2012. Michelucci is a geologist graduated from the Federal University of Rio Grande do Sul and has a graduate degree in geophysics from the University of Texas at Austin, with more than 37 years of experience in the E&P sector, 35 of which as an employee of Petrobras. Michelucci has served as Exploratory Projects Manager of QGEP since January 2012.

Updated in  2014-01-09T11:47:26
All the dates of this page are presented in official timezone of Brasilia - Brazil.


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