Petrobras announces $1.6 bln dividend as it swings to Q2 net profit
The result represented a significant improvement from a net loss of 2.6 billion reais for the same period a year earlier.
"We had excellent operational performance in the second quarter, driven by the implementation of new production systems and improved efficiency in the fields in operation," Chief Financial Officer Fernando Melgarejo said in the company's earnings report.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 5.1% in the period, to 52.3 billion reais, the company said in the report.
Recurring net profit, which strips out one-off items, remained stable versus the first quarter of the year, despite a significant decline in Brent prices, Melgarejo said.
Brent oil prices averaged $67.82 per barrel in the second quarter, Petrobras said, compared to $75.66 per barrel in the first three months of the year.
Capital expenditure, or capex, totaled $4.4 billion in the quarter, up 9% from the previous three months and in line with the company's targets, it said.
In a separate presentation, Petrobras said it expects its oil and gas output to hit the upper end of its target in 2025.
Its full-year production guidance stands at 2.8 million barrels of oil equivalent per day (boed), with 4% leeway.
($1 = 5.4156 reais)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
Exxon could invest as much as $21.7 billion if it finds oil, gas in Trinidad, energy minister says
Aug 12 (Reuters) - Exxon Mobil (XOM.N), opens new tab could invest as much as $21.7 billion in Trinidad and Tobago if the energy major finds reserves in a large deepwater area it plans to explore for oil and gas in the Caribbean country, energy minister Roodal Moonilal said. The official spoke on Tuesday at an event in Port of Spain to sign a production sharing contract with the company that will mark its return to the country.
Reuters
2 hours ago
- Reuters
Brazil orange juice byproducts will suffer from Trump tariffs
SAO PAULO, Aug 12 (Reuters) - Brazilian exporters of orange juice byproducts will suffer a major revenue decline from a hefty 50% U.S. tariff imposed on many of the country's products in early August, industry trade group CitrusBR said on Tuesday. The economic impact can amount to 1.54 billion reais ($285.45 million), including from the 50% tariff on orange juice byproducts and a 10% duty on the juice itself, CitrusBR said in a statement. Orange juice byproducts are widely used by both the beverage and cosmetics industries. In the United States, for example, about 58% of juice consumption consists of reconstituted juice, which is made from a concentrate that is later mixed with water. The 50% tariff applies to byproducts such as orange cells and essential oils, which are responsible for aroma, and are used to reconstitute orange juice, among other applications, CitrusBR said. ($1 = 5.3949 reais)
Reuters
3 hours ago
- Reuters
US crude production to hit record 13.41 million bpd in 2025 before falling, EIA says
NEW YORK, Aug 12 (Reuters) - U.S. crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt a fall in output in 2026, the Energy Information Administration forecasted on Tuesday in a monthly report. The decline in 2026 production to 13.28 million bpd would be the first drop in output since 2021 for the world's largest producer, the EIA data showed. Prices for the international benchmark Brent will average $51 per barrel next year, down from the EIA's previous forecast of $58 per barrel, after the Organization of the Petroleum Exporting Countries and its members decided to accelerate the pace of production increases. "Low oil prices in early 2026 will lead to a reduction in supply by both OPEC+ and some non-OPEC producers, which we expect will help moderate inventory builds later in 2026," the EIA said. In last month's report, the EIA had projected U.S. crude output at 13.37 million bpd in both 2025 and 2026. The United States produced 13.21 million bpd in 2024. U.S. producers this year have had to navigate President Donald Trump's on-again, off-again tariffs that have sparked economic uncertainty, rising supply quotas from OPEC+, and ongoing conflicts in the Middle East and in Ukraine. Lower crude prices are expected to push down retail prices for petroleum products, the EIA said, adding it expects retail gasoline prices in the U.S. to average less than $2.90 per gallon next year, about 20 cents per gallon less than this year. U.S. distillate fuel inventories will end 2025 at the lowest end-of-year level since 2000, after decreasing 14% over the course of the year due to increased exports and demand, the EIA said. Lower U.S. refinery capacity and continued strong export demand will keep inventory levels lower, with distillate inventories remaining relatively flat in 2026, the agency added. U.S. oil demand will increase to 20.4 million bpd in 2025, in line with previous forecasts, the EIA said. In 2026, oil demand will rise to 20.5 million bpd, versus a previous estimate of 20.4 million bpd.
