Brazil: Petrobras’ 3Q 2011 Highlights

Petrobras’ Chief Financial and Investor Relations Officer, Almir Barbassa, announced this Friday, Nov. 11, the Company’s financial and operating results for the third quarter of 2011 at Petrobras’ headquarters, in Rio de Janeiro. Some of the items highlighted during the press conference were:

• Net income of $28.264 billion, up 15% compared to first nine months of 2010, with an increased cash flow of 7% as measured by the EBITDA

• Net income of R$6.336 billion in 3Q11, and EBITDA up 3% compared to 2Q11;

• The year-to-date oil and gas output averaged 2.363 million boed (barrels of oil equivalent per day), up 2% for the year compared to the same period in 2010;

• 7% increase in sales on the domestic market compared with the first nine months of 2010, driven by economic growth;

• The Lula-Mexilhão gas pipeline went on stream, in September, with capacity to transport up to 10 million cubic meters of pre-salt natural gas per day;

• The Franco area potential was confirmed, with the drilling of the second well in the area;

• Operations of P-56 started on August 15th, currently producing 38.5 thousand bpd (barrels per day) with two production wells. Forecasted to reach approximately 80% of its 100 thousand bpd capacity by year-end;

• Adjustment of gasoline prices (+10%) and diesel (+2%) effective as of November 1st;

• The Company was listed on the Dow Jones Sustainability Index, the world’s most important index of its sort, for the sixth year in a row.

[mappress]
Source: Petrobras, November 14, 2011