• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 2 mins "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 2 hours Cpt Lauren Dowsett
  • 58 mins Trump will be holding back funds that were going to W.H.O. Good move
  • 5 hours Death Match: Climate Change vs. Coronavirus
  • 36 mins Washington doctor removed from his post, over covid
  • 1 hour Which producers will shut in first?
  • 3 hours Free market or Freeloading off the work of others?
  • 4 hours ‘If it saves a life’: Power cut to 1.5 million Californians
  • 6 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 8 hours Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 8 hours Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 6 hours How to Create a Pandemic

Petrobras Books Record Net Profit In 2019


Brazil’s state-run oil firm Petrobras (NYSE: PBR) reported on Thursday a record net profit for 2019, thanks to asset sales under its strategy to divest non-core operations and focus on the deepwater pre-salt region offshore Brazil.

Petrobras’s net income jumped to US$10.2 billion last year from US$7.2 billion for 2018, reflecting mainly gains from asset disposals. Apart from a program to divest non-core assets, Petrobras is also selling eight refineries as part of the divestment plan and in an agreement with regulators to open the refining market.

Last year, Petrobras sold US$16.3 billion in non-core assets, it said in its webcast presentation of the 2019 results.

The company, which is the world’s most indebted oil firm, reduced its gross debt by US$24 billion last year. At the end of 2019, gross debt was US$87 billion, down from US$111 billion at the end of 2018.

Total investments, including acquisition bonuses for participation in Brazil’s oil auctions, came in at US$27.4 billion. Excluding investment in bids, Petrobras invested US$10.7 billion last year, focusing on exploration in the pre-salt area and on production development.

Petrobras’s oil production averaged 2.172 million barrels per day (bpd) in 2019, exceeding its target production of 2.1 million bpd, with record production in the pre-salt area.

Earlier this month, Petrobras announced that it had set another production record in the fourth quarter of 2019, producing more than 3 million bpd of oil equivalent throughout the period. In Q4 2019, oil and gas production reached 3.025 million barrels of oil equivalent per day, which represents “a new landmark in Petrobras history, as we break through the 3.0 MMboed barrier in a quarter for the first time,” the company said last week. 

For full-2019, Petrobras also boasted a record in oil exports, saying that “for two consecutive months, Petrobras has surpassed its record daily volume of exported oil in a single month.”  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News