In March, our total oil and natural gas output was 2,74 million barrels of oil equivalent per day (boed), of which 2.61 billion boed produced in Brazil and 130,000 boed abroad.
The Moody’s risk rating agency announced it has upgraded our corporate debt rating from B2 to B1, and that it has changed our outlook from stable to positive.
The 2016 result was marked by a significant improvement in our operating performance throughout the year, which was reflected in a reversal of the calculated loss in the third quarter (3Q16), for a net income of R$2.51 billion in the fourth quarter (4Q16) and a reduction in debt.
We report that our total oil and natural gas output was 2.82 million barrels of oil equivalent per day (boed) in February, of which 2.703 million boed produced in Brazil and 113,000 boed abroad.
On Tuesday (Feb. 28), we signed purchase and sale agreements with Total related to the assets of the Strategic Alliance set forth under the Master Agreement signed on Dec. 21, 2016.
We have reached agreements to settle four individual lawsuits investors have filed against the company in the United States. With this announcement, our agreements with shareholders to settle individual lawsuits in that country add up to nineteen, of a total of 27, which were consolidated with the class action suit against the company for trial purposes.
In January, our total oil and natural gas output was 2,86 million barrels of oil equivalent per day (boed), of which 2.74 billion boed produced in Brazil and 120,000 boed abroad.
We hereby announce the volume of the proved oil reserves (oil, condensate, and natural gas), calculated in late 2016 pursuant to the criteria set forth by ANP/SPE (National Petroleum Agency/Society of Petroleum Engineers) and SEC (the US Securities and Exchange Commission).
We report that the Standard & Poor’s risk rating agency has announced the upgrade of our corporate debt rating from B+ to BB-, and that it has changed the outlook from negative to stable.
The agency noted in its report that the improvement in our rating reflects the evolution made in our liquidity and a robust cash position that improves our capacity to deal with possible contingencies. The agency also highlighted the recovery of the relationship with domestic and international banks and of our ability to access the capital markets, which it regarded as positive debt management transactions. Also highlighted was the progress made in the disinvestment program and the prospects for achieving the goal set for 2017 and 2018.
The Fitch risk rating agency announced the maintenance of our corporate debt rating at BB, with a negative outlook.
In its report, the agency said that the company’s liquidity is currently supported by a robust cash position, stable cash generation, and by its ability to access the capital markets to refinance its debt.