Petrobras posts 29% higher net income

Petrobras posted a 29% higher net income for the period from January to September 2013 compared with 2012 due to higher operating result and lower impact of the exchange rate on the financial result. The 3% increase in operating result reflected gains with the sale of assets and lower write-offs of dry and economically unviable wells that offset losses with the price difference. Adjusted EBITDA reached USD 21.8B, 14% higher than in the same period of 2012.

The third quarter showed a net income of USD 1.56B, 45% lower than in the second quarter, reflecting lower operating income, partially offset by the better financial result. Operating income was 51% lower, impacted by the rise in oil products imports and by the rise in the price difference for oil products due to the exchange rate depreciation combined with the increase in the international oil price.

Total oil and natural gas output averaged 2.542M barrels of oil equivalent per day over nine months, 2% lower than the same period of 2012, due to the natural decline of fields, higher number of scheduled maintenance stoppages in 2013 and the sale of assets abroad. In the quarter, domestic output remained stable.

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