QGEP posts net income of R$69.2 million in 1Q12

QGEP Participações S.A. (BMF&Bovespa: QGEP3), Brazil’s largest private sector Exploration and Production (“E&P”) company, in terms of production, reported today (5/10) a consolidated net income of R$69.2 million in 1Q12, up 72% over same previous-year period. Cash flow from operating activities reached R$55.7 million, up 39.9% over 4Q11. On March 31,2012, cash balance was R$978.6 million. Net revenues totaled R$ 96 million, a 35% y-o-y growth. EBITDAX was R$ 64.3 million in 1Q12, up 130.8% over 1Q11, with EBITDAX margin of 67%.

“The substantial increase over the levels reported in 1Q11 was fueled by higher production volumes of Manati Field. Our operations in this field resulted in cash flows of R$55.7 million, up 39% when compared to the previous quarter”, affirmed José Augusto Fernandes Filho, CEO of QGEP, adding that the Company plans to expand its performance as operator, thus, it has been developing in-house technical resources and getting ready for new opportunities.

Total average gas production was 5.2 MMm³/day in 1Q12; all six wells back on production at Manati Field. With full capacity, Manati has a long-term contract for the supply of a minimum annual volume ( of gas with Petrobras, at a price in Reais that is adjusted annually using the indexes specified in the contract.

On April 25, 2012, we announced that José Augusto Fernandes would step down as CEO of QGEP, after 16 years of leading all the E&P operations of the Queiroz Galvão Group, but he will remain involved with QGEP as a member of the Board of Directors. The CEO position will be assumed by Lincoln Guardado, effective June 1, 2012. Lincoln is well-qualified to take on this new responsibility, having worked in the oil and gas business, both domestically and internationally for over 35 years and having served as QGEP’s Director of Exploration for the last three years.

Updated in  2014-01-08T16:44:05
All the dates of this page are presented in official timezone of Brasilia - Brazil.


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