PETROBRAS ARGENTINA SA Buenos Aires, July 26, 2016 - Petrobras Argentina S.A. (Buenos Aires: PESA - NYSE: PZE) announces the results for the second quarter ended June 30, 2016.
Petrobras Argentina's net income for 2016 second quarter is a gain of ARS 324 million. Net income for the same quarter of 2015 was a gain of ARS 524 million.
Operating income for 2016 quarter increased 28% compared to 2015 quarter and reached ARS 1,122 million in spite of the negative impact of non-recurring charges, mainly the agreement with Methanex for termination of the natural gas supply agreement between the parties, agreements with provincial tax authorities and impairment of fields in Bolivia, accounting for losses of ARS 449 million, ARS 208 million and ARS 210 million, respectively. These effects were partially offset by a gain of ARS 572 million attributable to recognition of the earn-out for the sale of assets in Perú in previous fiscal years.
Financial expenses for 2016 quarter include a charge of ARS 173 million for early prepayment of Series S corporate bonds.
Petrobras Argentina's net income for the six-month periods ended June 30, 2016 and 2015 was ARS 1,255 million and ARS 1,346 million, respectively.
Income Statement(Three-Months Period)
IIQ 16
IIQ 15
(Consolidated Information) (in millions of pesos)
7,639 | 5,237 |
(5,007) | (3,581) |
2,632 | 1,656 |
(986) | (659) |
(91) | (19) |
(506) | (125) |
73 | 24 |
1,122 | 877 |
(305) | 11 |
(477) | (326) |
340 | 562 |
324 | 524 |
16 | 38 |
340 | 562 |
Sales
Cost of Sales Gross Profit
Administrative and Selling Expenses
Exploration Expenses Other Operating Results
Equity in Earnings of Affiliates Operating Result
Financial Results Income tax
Net Result
Attributable to: Controlling interest Non-controlling interest Total
Sales(in millions of pesos)
(Three-Months Period) IIQ 16 IIQ 15
E&P | 3,552 | 2,414 |
Refining and Distribution | 4,010 | 2,942 |
Petrochemical | 1,207 | 1,224 |
Gas & Energy | 2,153 | 927 |
Eliminations between Businesses | (3,283) | (2,270) |
Total | 7,639 | 5,237 |
(Three-Months Period)
(in millions of pesos) IIQ 16 IIQ 15
E&P | 1,521 | 830 |
Refining and Distribution | 700 | 401 |
Petrochemical | 98 | 227 |
Gas & Energy | 324 | 153 |
Eliminations between Businesses | (11) | 45 |
Total | 2,632 | 1,656 |
(Three-Months Period)
(in millions of pesos) IIQ 16 IIQ 15
Empresas Mixtas en Venezuela | (33) | (5) |
Refinería del Norte S.A. | (3) | (8) |
CIESA | 96 | 28 |
Other | 13 | 9 |
Total | 73 | 24 |
(Three-Months Period)
(in millions of pesos) IIQ 16 IIQ 15
E&P | 676 | 649 |
Refining and Distribution | 322 | 97 |
Petrochemical | 102 | 174 |
Gas & Energy | 374 | 148 |
Corporate Expenses & Eliminations | (352) | (191) |
Total | 1,122 | 877 |
(Three-Months Period)
(in millions of pesos)
IIQ 16
IIQ 15
Net Interests
Exchange Differences
Early prepayment of Series S notes Other
Total
(38)
(15)
(173)
(79)
(305)
61
14
- (64)
11
Balance Sheet(Consolidated Information) | Jun-16 | (in millions of pesos) Dec-15 | ||
Current Assets Cash & Equivalents | 1,277 | 2,229 | ||
Accounts receivable - trade | 4,606 | 3,241 | ||
Other Assets | 6,154 | 5,273 | ||
Total Current Assets | 12,037 | 10,743 | ||
Noncurrent Assets | ||||
Investments | 4,494 | 3,861 | ||
Property, Plant and Equipment | 15,405 | 14,174 | ||
Other Assets | 346 | 319 | ||
Total Noncurrent Assets | 20,245 | 18,354 | ||
Total Assets | 32,282 | 29,097 | ||
Current Liabilities Accounts payable | 3,665 | 4,097 | ||
Debt | 4,735 | 61 | ||
Other Liabilities | 3,527 | 2,903 | ||
Total Current Liabilities | 11,927 | 7,061 | ||
Noncurrent Liabilities Debt | 0 | 3,910 | ||
Other Liabilities | 4,033 | 3,563 | ||
Total Noncurrent Liabilities | 4,033 | 7,473 | ||
Total Liabilities | 15,960 | 14,534 | ||
Equity Attributable to the Company's Shareholders | 14,395 | 12,936 | ||
Minority Interest | 1,927 | 1,627 | ||
16,322 | 14,563 | |||
Petrobras Argentina SA published this content on 26 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 02 August 2016 12:45:07 UTC.
Original documenthttp://www.petrobras.com.ar/inversores/en/Paginas/Second-Quarter-2016_Results.aspx
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