Petrobras net profits total record-breaking $4.93 bi in Q2

The amount is up 368% from the first quarter

Published on 02/08/2019 - 15:31 By Vitor Abdala - Rio de Janeiro

Petrobras reported net profits adding up to $4.93 billion in the second quarter this year, a historic record. The result is said to represent a 368 percent increase from the first quarter of the year ($1 billion), and 87 percent from the second quarter of 2018 ($2.63 billion).

The main driver behind the performance was the sale of 90 percent of Petrobras’s shares at Transportadora Associada de Gás S.A. (TAG) , at $8.74 billion. Also significant were the increase in the international price of oil and the appreciation of the dollar against the real.

“We will continue to add value, focusing on assets with more considerable yields and seeking to further slash costs,” said Petrobras CEO Roberto Castello Branco.

The production of oil and natural gas o Petrobras reached 2.63 million of barrels of oil equivalent a day in the second quarter, up 3.8 percent from the quarter before. In pre-salt fields alone, the output went up 12.7 percent, with a daily 1.17 million of barrels of oil equivalent.

Translation: Fabrício Ferreira -  Edition: Kleber Sampaio / Nira Foster

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