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OGX reports $2.03 billion second-quarter loss

BY LUCIANA MAGALHAES

SAO PAULO -- Brazil' s oil company OGX Petroleo e Gas Participacoes, controlled by businessman Eike Batista, posted a loss of 4.722 billion Brazilian reais ($2.035 billion) in the second quarter amid disappointing production levels that led the company to discontinue the development of oil fields.

In the second quarter of 2012, the company' s loss totaled BRL398.6 million

The result in the second quarter of 2013 reflected the impairment of the investments carried out in four of its oil fields as well as BRL491 million of dry wells and sub-commercial areas relinquished to the Brazilian oil agency, or ANP, and another BRL491 million of foreign exchange variation expenses, the company said in a regulatory filing late Wednesday

A $449 million expense, to compensate its sister company shipbuilder OSX Brasil SA for canceled orders, also had an impact of $369 million on the company' s cash in the second quarter.

OGX' s net revenue reached BRL234.4 million. A year before, the company didn' t generate revenue.

Loans and financing taken by the company totaled BRL8.7 billion at the end of the second quarter, roughly BRL700 million higher than in the beginning of the year.

Dow Jones Newswires

08/15/2013

 

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