Von der Leyen elogia proposta de Trump de dar garantias de segurança à Ucrânia

[fosgass]

Resposta:

We expect that the overall results of the company in the 4Q07 will be
affected by the underperformance in the Refining & Marketing (R&M) division, namely
due to the planned maintenance shutdown in the Matosinhos refinery. The slight
increase of refining margins was partially eroded by the rise of the euro against the
US dollar, also offsetting the better performance recorded in the first half of 2007.
The increase of crude prices in the last three months of 2007 (+17% against the
previous quarter and 47% YoY) should be the main support of results in the
Exploration & Production division.
The Gas & Power (G&P) division should have benefited from the lower pluviosity
levels occurred in the last quarter of 2007, and the consequent increase in the needs
of natural gas for electricity generation.
Conclusion & Action. Overall results should mainly reflect the occurrence of nonrecurrent
developments, which have consequences in the expected bottom line of the
period but with slim effects in long-term valuation. We wait for further developments in
the conference call on March 6, namely in what concerns possible capex guidance for
the upstream sector after the recent findings in Brazil.

Abraço

[JBnaBolsa]

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