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GTU Process Plant View

UPCOMING EVENTS

OGX has several important events planned for the coming months, including:

  • Connection of the third production well in the Tubarão Azul Field
  • Beginning of GTU commissioning and gas production in the Parnaíba Basin
  • Results of tests and drilling in the Santos Basin
  • Drilling important prospects in blocks BM-C-37 and BM-C-38 in the Campos Basin
  • Continuation of the exploration and wildcat campaigns in the Santos, Parnaíba and Espírito Santo basins

FINANCIALS

The financial and operational data below is presented on a consolidated basis, in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board - IASB and, in reais (R$), except where otherwise indicated.

 
                                        R$ ('000)
INCOME STATEMENT 9M12 9M11 3Q12 3Q11
 
Net revenue 150,686 - 150,686 150,686 - 150,686
 

Cost of goods sold (COGS) 1

(124,599) - (124,599) (124,599) - (124,599)
Exploration expenses (172,567) (125,157) (47,410) (36,231) (50,175) 13,944
General and administrative expenses (158,611) (179,653) 21,042 (41,462) (71,820) 30,358
 
EBITDA (305,091) (304,810) (281) (51,606) (121,995) 70,389
 
Depreciation (part of COGS) (14,665) (3,039) (11,626) (11,574) (1,210) (10,364)
Amortization (part of COGS) (7,337) (4,170) (3,167) (3,798) (1,692) (2,106)
Stock option (47,291) (22,477) (24,814) (41,701) (4,131) (37,570)
Dry/subcommercial wells/areas (460,235) - (460,235) (294,712) - (294,712)
 
EBIT (834,619) (334,496) (500,123) (403,391) (129,028) (274,363)
 
Financial revenue 222,237 345,749 (123,512) 60,146 102,823 (42,677)
Financial expense (329,153) (133,170) (195,983) (127,305) (101,589) (25,716)
Net financial results (106,916) 212,579 (319,495) (67,159) 1,234 (68,393)
Currency exchange (366,080) (4,191) (361,889) (26,764) (12,723) (14,041)
Derivatives 18,294 (81,815) 100,109 (4,205) 150,318 (154,523)
 
EBT (1,289,321) (207,923) (1,081,398) (501,519) 9,801 (511,320)
 
(-) Income tax 389,151 30,625 358,526 157,900 (35,779) 193,679
 
Net profit (loss) for the year- Pro forma (900,170) (177,298) (722,872) (343,619) (25,978) (317,641)
 
OGX Campos Merger 13,102 - 13,102 - - -
 
Net profit (loss) for the year- Book value           (887,068)       (177,298)       (709,770) (343,619)       (25,978)       (317,641)
 
Attributed to:
Non controlling interests (21,306) (17,167) (4,139) (288) (8,488) 8,200
Controlling shareholders           (865,762)       (160,131)       (705,631) (343,331)       (17,490)       (325,841)
Note:

1 This balance does not include parts of COGS related to depreciation, amortization and royalties that are disclosed in specific lines of the table above

 
                        R$ ('000)
BALANCE SHEET Sep 30, 2012 Dec 31, 2011 Sep 30, 2012 Dec 31, 2011
ASSETS             LIABILITIES AND EQUITY            
Current assets Current Liabilities
Cash and cash equivalents 5,058,579 5,367,451 Trade payables 755,296 431,931
Marketable securities 3,443 52,290

Taxes, contributions and profit sharing payable

15,830 26,070
Escrow deposits 14,758 39,039 Salaries and payroll charges 44,701 54,507
Taxes and contributions recoverable 65,464 78,137 Loans and financings 138,738 22,301
Derivative financial instruments 25,295 8,879 Accounts payable to related parties 109,055 96,692
Oil inventories 105,448 - Other accounts payable 16,299 87,807
Other credits 130,187 27,934
1,079,919 719,308
5,403,174 5,573,730 Noncurrent Liabilities
Loans and financings 7,908,034 4,750,113
Provisions 155,217 11,743
 
8,063,251 4,761,856
 
Noncurrent Assets Shareholders’ Equity
Inventories 230,827 390,071 Capital stock 8,821,134 8,810,307
Taxes and contributions recoverable 154,321 278,810 Capital reserves 185,242 274,109
Deferred income taxes and social contributions 673,306 282,693 Earnings reserves 97,737 -
Credits with related parties 176,278 139,386 Currency translation adjustments 42,086 19,588
Retained earnings (deficit) (1,168,308) (289,444)
Fixed assets 9,019,065 6,172,783
Portion attributed to controlling shareholders 7,977,891 8,814,560
Intangible assets 1,508,756 1,512,724 Portion attributed to non-controlling interests 44,666 54,473
 
11,762,553 8,776,467 8,022,557 8,869,033
 
Total Assets     17,165,727     14,350,197         Total Shareholders’ Equity     17,165,727     14,350,197
 
 
        R$ ('000)
FIXED ASSETS
 
Balance as of December 31, 2011: 6,172,783
 
(+) CAPEX
Campos Basin 2,073,746
Santos Basin 513,091
Parnaíba Basin 374,966
Espirito Santo Basin 47,842
Pará Maranhão Basin 45,910
Colombian Basins 0
Corporate 130,483
3,186,038
 
(+) Borrowing costs 123,261
 
(+) Asset retirement obligation 103,047
 
(-) Gross margin EWT (79,644)
 
(-) Disposals (98)
 
(-) Depreciation (26,087)
 
(-) Write off Dry/Subcommercial wells (460,235)
 
Balance as of September 30, 2012         9,019,065
 
 
            R$ ('000)
LOANS AND FINANCING
 
Balance as of December 31, 2011: (4,772,414)
 
(-) New fundings (2,537,689)
(-) Accrued interests (403,775)
(-) Currency exchange (695,957)
(+) Interest paid 336,315
(+) Funding costs 39,032

(-) Amortization of funding costs

(12,284)
 
Balance as of September 30, 2012             (8,046,772)
 

Earnings Results

We ended 3Q12 with net losses YTD of R$887.1 million, largely without an impact on cash. This net loss is chiefly due to: (a) expenditures with the exploratory campaign of R$172.6 million; (b) general and administrative expenses of R$158.6 million; (c) expenses of R$460.2 million relative to dry wells and sub-commercial areas that represent accounting effects; (d) foreign exchange variation expenses, chiefly unrealized, of R$366.1 million; (e) net financial expenses of R$106.9 million; and (f) the cost of oil sold after the end of the extended well test (EWT) at R$124.6 million. These impacts were partially offset by: (g) net revenue of R$150.7 million from oil sales after the conclusion of the EWT; and (h) the positive impact of income tax and social contribution, the majority of which is deferred, of R$389.1 million.

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