Oil & Gas

04 Aug 2023

Brazil's Petrobras Beats Profit Forecast, $3 Bln Payout Announced

04 Aug 2023  by reuters   

Brazil's state-run oil company Petrobras logo is pictured at its building in Rio de Janeiro, Brazil July 17, 2023. REUTERS/Ricardo Moraes

SAO PAULO, Aug 3 (Reuters) - Brazilian national oil company Petrobras (PETR4.SA) posted a nearly 36% drop in its second-quarter profits on Thursday, citing falling crude prices, although earnings surpassed analyst expectations.

Latin America's top oil producer posted recurring net profit of 28.8 billion reais ($5.85 billion), or 2.21 reais per share, while analysts polled by Refinitiv had expected 2.18 reais per share.

Petrobras blamed the smaller quarterly profit on lower international oil prices, in addition to a 40% decline in diesel crack spreads - the price difference between the key industrial motor fuel and crude oil - as well as higher operating expenses.


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