Petrobrás announces profit of R$ 5,3 billion and closes quarter with R$ 68,2 billion in cash

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  • Posted on May 18, 2015

    Petrobrás surprised the market with a more positive result than what analysts predicted for the first quarter of 2015, announcing a net profit of R$5,33 billion during the period. The prediction was for the profits to be, at the most, R$ 4 billion.

    A factor that helped the state-owned company to achieve such positive result was its operational profit, which reached R$ 13,3 billion, approximately 76% more than in last year’s first quarter. The growth, according to the company, is due to the increase in oil and gas production, higher margins in marketing derivatives and to lower costs with government participation and imports.

    The company also claimed to have closed the quarter with a comfortable cash position, estimated at R$ 68,2 billion, considering that investments during the period totalled R$ 17,8 billion, 13% less than during the first quarter of 2014. According to Petrobrás, the focus of investments was the segment of Exploration and Production in Brazil, which received 79% of resources, highlighting the projects to increase production capabilities.

    Petrobrás’ average production (domestic and abroad) has increased by 11% compared to the first quarter of 2014, reaching an average of 2,803 million equivalent oil barrels. The company also pointed out that, in April, it reached a record in monthly pre-salt oil production, of 715.000 barrels per day.

    Source: Petronotícias