Brazilian Petrobras Boosts Profit
Brazilian Petrobras first quarter net profit went up 56% to reais 6.96bn ($1.96bn) compared with the same period of last year, the best quarterly result since the beginning of 2013, it said May 8. The world’s most indebted oil company used some of the cashflow from stronger global oil prices to reduce its net debt by 4% to $81.45bn on the year.
Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) crept up just 2% to reais 25.669bn in the first quarter. Output was 2.68mn boe/d, of which 2.582mn boe/d was in Brazil, 4% less than the first quarter of 2017, mainly reflecting scheduled outages and the divestment in Lapa.
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Higher oil prices led to wider margins in crude and product exports and natural gas sales. The company also realised gains from the sale of the assets of Lapa, lara and Carcara in the Santos Basin pre-salt.
It also announced May 9 that the value dividend to be distributed totaling reais 652.2mn, reais 0.05 per a share, its first in three years.
"We are following exactly what we promised in our business plan announced in 2016 and the first quarter results show that the successful choices have been made and that the effort has paid off," said CEO Pedro Parente.