Queiroz Galvão is the most profitable among the major Brazilian private companies in the oil industry

Among the major Brazilian private companies in the oil industry with shares traded on the stock exchange - Queiroz Galvão’s QGEP; OGX, of entrepreneur Eike Batista; and HRT, of entrepreneur Márcio Mello -, the best results were achieved by QGEP, the oldest and the only one already in production.

QGEP, which is the seventh largest operator in the country and has a 45% interest in the Manati field, in which it is Petrobras‘s partner, recorded net income of R$69.2 million in 1Q12, an increase of 72% over 1Q11.

The company is also Petrobras’s partner in the BM-S-8 and BM-S-12 blocks in the Santos basin, and the operator of blocks BM-J-2 (Jequitinhonha basin) and BS-4 (Santos basin).

In March, QGEP produced 2.3 million cubic meters of natural gas per day, or 15,000 barrels of oil equivalent (boe), second only to Petrobras in terms of natural gas production in the country.


In turn, OGX, which began production this year in the Waimea field, currently called Tubarão Azul, recorded a loss of R$144.8 million.

This loss was almost three times bigger than the R$33.8 million reported last year, reflecting the pre-operational stage of the company, which is a part of Eike Batista’s group.

In the first quarter of 2012, OGX produced an average 11,000 oil barrels per day, ranking sixth in oil production in Brazil, according to the Brazilian National Oil, Natural Gas and Biofuel Agency (ANP).

Despite also being pre-operational, HRT recorded net income of R$53.3 million in 1Q12, after having reported a R$13.8 million loss in the same quarter of 2011.

This improved result is due to a financial operation of purchase and sale of assets, in which the company earned R$186 million.

Despite QGEP’s improved financial performance, the price of the company’s shares fell by 19.7% in the first quarter of 2012.

In turn, OGX’s and HRT‘s shares increased by 10.9% and 11.3%, respectively, in the quarter.

Petrobras’s preferred and common shares appreciated by 10.2% and 7.1%, respectively, in the same period.

Source: Folha de São Paulo

Updated in  2014-01-08T21:05:45
All the dates of this page are presented in official timezone of Brasilia - Brazil.


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