Brazil's OGX posts 1Q loss


Brazil's OGX posts 1Q loss


SAO PAULO -- OGX posted $402 million 1Q net loss. The company didn't provide year ago figures for comparison or explain why not.

This result is chiefly due to expenses of $59 million related to dry wells and sub commercial areas relinquished to the ANP after the conclusion of the exploratory period in March 2013 partially offset by the positive effect of deferred income tax and social contribution of $209.71 million, the company said in a statement.

Revenue was $142.94 million up from $86.56 million a year ago.

Earnings before interest, taxes, depreciation and amortization (EBITDA) of $36.60 million in the 1Q compared with a negative Ebitda of $18.80 million in the Q4.

OGX delivered a sequential improvement in its performance in the 1Q 2013 posting higher revenues and positive EBITDA for the first time while also achieving higher total production volume at the Tubarao Azul field in the Campos Basin which totaled 954 Mbbl of oil, it said.

Earlier this week OGX announced the sale for $850 million of a stake in an offshore oil field to Petronas. OGX will get $250 million in cash immediately for the 40% stake in the Tubarao Martelo field. The rest will be in installments, the company said.

OGX is part of businessman Eike Batista's group.

Dow Jones Newswires

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