Brazil's OGpar expects lower operating profit in 2015

viernes 22 de agosto de 2014 19:38 GYT
 

SAO PAULO, August 22 (Reuters) - Brazil's Oleo e Gas Participações SA, the oil producer formerly known as OGX, expects operating profit to fall next year from 2014, according to a filing on Friday.

OGpar, as the company is also known, forecast earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as EBITDA, of $106 million in 2015 compared with $132 million in 2014.

The company expects operating cash flow of $79 million this year and $193 million in 2015, it said, disclosing documents that had previously been available to bondholders. The filing said the forecasts had not been audited.

OGpar, controlled by tycoon Eike Batista, filed Latin America's largest bankruptcy-protection petition on Oct. 30. It hopes to post its first annual net profit in 2014 as its oil fields increase production.

Projections of monthly cash flow through 2014 accounted for an expected delay in output from well 4 of the Tubarão Martelo field, the filing said. (Reporting by Aluísio Alves; Writing by Caroline Stauffer; Editing by Bernard Orr)