Petrobras Brasileiro reports operational and select financial results
Sales Revenues reached R$ 88,378 million and Cash and Cash Equivalents reached R$ 62,409 million in the 3Q-2014.
Sales revenues were 7% higher when compared to the 2Q-2014, resulting from higher crude oil exports and increased domestic demand, mainly diesel, which was mostly met by domestic output of oil products.
When compared to Jan-Sep/2013, the 13% increase in sales revenues is attributable to higher oil product prices in the domestic market resulting from the impact in the full year of 2014 of diesel and gasoline price adjustments in 2013 and the impact of foreign currency depreciation (8%) over the price of oil products that are adjusted to reflect international prices and export prices, as well as higher electricity and natural gas prices.
Domestic demand for oil products increased by 3%, mainly diesel (2%), gasoline (5%) and fuel oil (21%), and crude oil exports volume was 12% higher, partially offset by a decrease in fuel oil exports volume (14%).
Production:
In the 3rd quarter of 2014, oil and NGL production in Brazil rose 9% from the same period of 2013, reaching an average of 2 million 90 thousand barrel per day, mainly, due to production ramp up of P-58, P-55, P-62 and FPSO Cidade de Paraty, and the start-up of extended well testes in Iara Oeste and Tartaruga Verde. Production operated by Petrobras reached 2 million 207 thousand bpd in the quarter.
Oil production reached an average of 2 million 126 thousand bpd in October, which represents a new record, surpassing last year´s record reached on December 2010. October was the Company´s ninth consecutive month of oil growth production in the country.
Natural gas production in Brazil rose 7% from last quarter, reaching 441 thousand bpd in the 3rd quarter of 2014 due to production increase in Mexilhão, Uruguá-Tambaú, Sapinhoá and Lula Nordeste fields.
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