• 3 minutes In a Nutshell...
  • 5 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 7 minutes Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 9 minutes Why Oil could hit $100
  • 5 mins COVID is real now
  • 3 hours The Quad naval alliance forming.
  • 15 hours The Grey Lady has fallen (further into irrelevancy)
  • 2 days Where is Alberta, Canada headed?
  • 23 hours Is The Three Gorges Dam on the Brink of Collapse?
  • 15 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 17 hours The Boris Yeltsin of America
  • 1 day Is the oil & gas industry on the way out?
  • 2 days Joe Biden offers advice to correct the public health
  • 41 mins Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 2 days There Has Been No Trump Manufacturing Boom Even Before Covid
  • 2 days Fauci: "USA will soon have 100K new cases per day". Trump re(p)-lies: "The problem has been fixed"
Oil Market Tightens But COVID-19 Could Spoil The Rally

Oil Market Tightens But COVID-19 Could Spoil The Rally

The IEA’s latest report suggests…

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