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Friday, August 12, 2016 3:15:06 AM
2Q16 Results: Polvo, Cash, Assets, Receivables, Tax Credits
2Q16 results (pdf)
Polvo field:
"Oil production totaled 799,333 barrels in 2Q16, averaging a daily production of 8,780 barrels, 23% higher than 1Q16 and rebounding to 2Q15 levels.
Since the operational start-up of the three wells which underwent interventions, daily production stabilized at around 9,100 bbl.
In 2Q16, the Company executed two offtakes, totaling 766,734 barrels at the gross average price of US$ 45.41/bbl.
Sales totaled 766,734 barrels with revenue amounting to R$ 103.3 million and lifting cost of US$ 28.17/bbl.
EBITDA was positive by R$ 5.9 million in 2Q16, fueled by the 25% increase in the gross sale price and the reduction in COGS per barrel. This reduction will become even more evident in 3Q16, when the offtakes will correspond to a higher share of the volume produced in 2Q16"
Market Cap:
08/11/2016 Closing Price R$15.2
Common Shares 13,190,747
R$ 200.5 million
(Real Time Chart)
Cash Position
"At the end of 2Q16, PetroRio’s consolidated cash position, including cash equivalents and investments in marketable securities, was R$ 439 million, most of which allocated abroad, in U.S. dollars. We highlight though that our consolidated cash position in dollar terms increased by US$ 8 million in 1H16, reaching US$ 135 million in the end of June, as a result of our efficient cash Management"
R$ 439 million
Oil in inventory
"The Company ended the quarter with 554,000 barrels in inventory, equivalent to
R$ 75.6 million.
Accounts receivable:
Rosneft R$50m
Shell R$23m
Maersk R$11m
Total:
R$ 84 million
Non-current assets available for sale:
Balance at 06/30/2016
2 aircrafts and 4 drilling rigs:
R$ 54 million
Tax credit:
"The Company has tax loss carry forwards and negative social contribution tax generated in Brazil, which may be offset against future taxable profit, limited to 30% every year. Management opted not to account for said tax credits, which will be recognized as the future taxable income is being generated.
R$ 472 million
2Q16 results (pdf)
Polvo field:
"Oil production totaled 799,333 barrels in 2Q16, averaging a daily production of 8,780 barrels, 23% higher than 1Q16 and rebounding to 2Q15 levels.
Since the operational start-up of the three wells which underwent interventions, daily production stabilized at around 9,100 bbl.
In 2Q16, the Company executed two offtakes, totaling 766,734 barrels at the gross average price of US$ 45.41/bbl.
Sales totaled 766,734 barrels with revenue amounting to R$ 103.3 million and lifting cost of US$ 28.17/bbl.
EBITDA was positive by R$ 5.9 million in 2Q16, fueled by the 25% increase in the gross sale price and the reduction in COGS per barrel. This reduction will become even more evident in 3Q16, when the offtakes will correspond to a higher share of the volume produced in 2Q16"
Market Cap:
08/11/2016 Closing Price R$15.2
Common Shares 13,190,747
R$ 200.5 million
(Real Time Chart)
Cash Position
"At the end of 2Q16, PetroRio’s consolidated cash position, including cash equivalents and investments in marketable securities, was R$ 439 million, most of which allocated abroad, in U.S. dollars. We highlight though that our consolidated cash position in dollar terms increased by US$ 8 million in 1H16, reaching US$ 135 million in the end of June, as a result of our efficient cash Management"
R$ 439 million
Oil in inventory
"The Company ended the quarter with 554,000 barrels in inventory, equivalent to
R$ 75.6 million.
Accounts receivable:
Rosneft R$50m
Shell R$23m
Maersk R$11m
Total:
R$ 84 million
Non-current assets available for sale:
Balance at 06/30/2016
2 aircrafts and 4 drilling rigs:
R$ 54 million
Tax credit:
"The Company has tax loss carry forwards and negative social contribution tax generated in Brazil, which may be offset against future taxable profit, limited to 30% every year. Management opted not to account for said tax credits, which will be recognized as the future taxable income is being generated.
R$ 472 million
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