Petrobras cash results not impacted by investigations
Petrobras's cash position and operating cash flow will not be affected by adjustments to its financial statement arising from corruption investigations into the company. CEO Graça Foster published a statement to shareholders and investors with the company's financial results for the third quarter of 2014. The report is still pending independent auditing.
Graça Foster said the company has taken action to prevent further debts in 2015 and improve its cash flow
Foster said the company has taken action to prevent further debts in 2015 and improve its cash flow. It will also maintain its diesel and gasoline pricing policy and its goal of not transferring global market volatility, an approach which in the current situation is favorable to its cash flow. “Our current output of oil and oil products enables us to reach stable operating cash flow when Brent prices range from $50 to $70 a barrel,” she explained.
Petrobras posted a net profit of $1.19 billion in the third quarter 2014, saying the results reflect a $930 million improvement on the previous period credited to increased oil production and exports.
In the statement, Petrobras projects a production growth of about 4.5% for this year. “2015 will be an extension of our accomplishments in 2014, when we added four new platforms that are now ramping up and increased our PLSV [Pipe Lay Support Vessel] fleet from 11 to 19 vessels.” Production levels will also benefit from an interconnection of 69 producing and injection wells and the start-up of the P-61 platform in the Papa-Terra field (Campos Basin) in the first quarter, in addition to a Floating Production Storage and Offloading (FPSO) unit, the Cidade de Itaguaí in Iracema Norte field, in the fourth quarter this year.
Translated by Mayra Borges
Fonte: Petrobras cash results not impacted by investigations
