• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 6 hours China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 11 hours Joe Biden's Presidency
  • 4 hours Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 11 hours Navalny Poisoning Weakens Russo German Relations
  • 6 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 11 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 14 hours Will Empire be brazen about stealing OIL from Venezuela?
  • 34 mins China Exports Rise In March, Rebounding From Slump
  • 35 mins Top 3 Skills for Traders
  • 38 mins If Everyone Dies from Corona, Pharmaceuticals Win
  • 3 hours GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 17 hours Minerals, Mining and Industrial Ecology
  • 1 day So Is COVID a Media Hoax or Not?
Saudi Arabia Remained China’s Top Oil Supplier In 2020

Saudi Arabia Remained China’s Top Oil Supplier In 2020

Saudi Arabia narrowly beat Russia…

Big Oil Is Buying Into The Solar Boom

Big Oil Is Buying Into The Solar Boom

Oil major Total is looking…

Petrobras’ Net Profit Rises Thirty-Fold On Higher Oil Prices

Brazil’s state-run oil firm Petrobras (NYSE:PBR) benefited from the rising oil prices and booked a thirty-fold yearly jump in its second-quarter net income, which also beat analyst expectations.

Petrobras said on Friday that its Q2 net income surged to US$2.68 billion (10.072 billion Brazilian reais) from US$84 million (316 million reais) in the second quarter of 2017, helped by rising Brent prices, which resulted in higher margins in oil exports and oil product sales in Brazil. Other factors that contributed to the thirty-fold profit increase included the depreciation of the Brazilian currency, lower interest expenses due to debt reduction, and lower general and administrative expenses and equipment idleness.

The profit jump was also well ahead of analyst estimates for US$1.505 billion in Q2.

For Q1 2018, Petrobras had posted what was then its highest quarterly profit since the beginning of 2013 on the back of higher oil prices and proceeds from asset sales.

For the first half of 2018, Petrobras also saw soaring profits, at US$4.54 billion (17.033 billion reais), the net income was 257 percent higher compared to the first half of 2017, and the best first-half performance since 2011.

Related: Falling Rig Count Supports Oil Prices

The heavily indebted company also cut more of its debt in the first half of 2018. Petrobras’s net debt stood at US$73.662 billion at end-June, down by 13 percent compared to the end of December last year.

The results come just two months after Petrobras chief executive Pedro Parente, who helped turn around the company after the huge corruption scandal, resigned in early June. The resignation came after nationwide trucker strikes forced the government to cut diesel prices and after oil workers demanded that Brazil end the one-year-old policy to allow fuel prices to be dictated by the market and international crude oil benchmarks.

Following the Q2 and H1 results release, Petrobras shares in New York were soaring by 6.75 percent at 10:57 a.m. EDT on Friday.

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