We posted R$370 million in profit in the second quarter of the year

We announced our results for the second quarter and the first half of this year. Our net income reached R$370 million between April and June. In the first quarter, the company had posted a loss of R$1.2 billion. Contributing positively to this result was the 30 percent reduction in net financial expenses, the 7 percent growth in total oil and natural gas output, the 14 percent increase in oil and oil product exports, and lower costs with natural gas imports. On the other hand, expenses of the new Voluntary Termination Incentive Program (VTIP) and the impairment of Comperj had a negative impact on results.
Another highlight was the decrease of approximately R$60 billion (15%) in net debt in the period, dropping from R$392.1 billion in December 2015, to R$332.4 billion at the end of June. Gross debt fell 19 percent (R$95.3 billion) in the period, to R$397.8 billion, down from R$493 billion.
Our total oil and gas output was 2,804 million barrels of oil equivalent per day, up 7 percent over the first quarter of the year. Gross profit rose 9 percent over the first quarter, closing at R$22.8 billion. Operating income, meanwhile, topped R$7.2 billion, compared to an R$8.1 billion profit in the first quarter. The financial result, a negative R$6.1 billion, was better compared to the previous quarter (30 percent lower than in the first quarter), due mainly to the appreciation of the Dollar against the Euro.

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