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2018-11-07 10:50:00

PETROBRAS NET INCOME $6.6 BLN

PETROBRAS NET INCOME $6.6 BLN

PETROBRAS9M-2018 Results

Gross Profit

Gross profit was US$ 25,795 million in 9M-2018, a 23% increase compared to US$ 20,917 million in 9M-2017, mainly due to higher margins of oil exports, as a result of the increase in Brent prices, and to higher margin in the domestic sales of oil products. On the other hand, domestic sales volumes of oil products dropped (mainly gasoline). Gross Margin** was 36% in 9M-2018, compared to 32% in 9M-2017.

Operating income and expenses

Operating income was US$ 14,423 million in 9M-2018, a 24% increase from US$ 11,654 million in 9M-2017 mainly due to the rise in gross profit, negatively impacted by higher sale expenses, derived from the payment of tariffs to the third-party gas pipeline, by the foreign exchange losses on Class Action outstanding balance and by lower gains with divestments, when compared to 9M-2017. There was also reduction in general and administrative expenses.

Net Finance Income (Expense)

The net finance expense was US$ 4,447 in 9M-2018 million, a 41% decrease compared to US$ 7,555 million in 9M-2017 mainly as a result of lower financing expenses, due to prepayment of debt and to the gain arising from the renegotiation of debts with Eletrobras System.

Net income (loss) attributable to the shareholders of Petrobras

Net income attributable to the shareholders of Petrobras was US$ 6,622 million in 9M-2018, a 315% increase compared to US$ 1,596 million in 9M-2017. The result improved mainly due to increase in domestic oil products and oil exports margins and to the drop in net finance expenses.

Adjusted EBITDA**

Adjusted EBITDA increased to US$ 23,844 million in 9M-2018, from US$ 20,039 million in 9M-2017. The Adjusted EBITDA Margin** reached 33% in 9M-2018 compared to 31% in 9M-2017.

Net cash provided by operating activities and Free Cash Flow 

Free cash flow was US$ 10,604 million in 9M-2018, a decrease of 10% when compared to US$ 11,814 million in 9M-2017, derived, primarily, from foreign exchange translation effects.

 

More information is here.

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Earlier:

 PETROBRAS - CNPC COOPERATION
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

PLATTS - Petrobras is to form two joint venture companies with China National Petroleum Corp. (CNPC) to complete construction of a refinery and revitalize four mature fields in the offshore Campos Basin, the state-owned Brazilian company said

 

 PETROBRAS NET INCOME R$ 17 BLN
2018, August, 8, 11:35:00

PETROBRAS NET INCOME R$ 17 BLN

PETROBRAS - Petrobras reported net income of R$ 17 billion in the first half of 2018. The positive result was mainly influenced by the increase in international oil prices, associated with the depreciation of the Brazilian Real against the US dollar. In the same period, net debt fell 13% compared to December 2017, to US$ 73.66 billion.

 

 PETROBRAS NEEDS CHINA
2018, July, 30, 13:40:00

PETROBRAS NEEDS CHINA

REUTERS - The new supply could enlarge Brazil’s market share in China as buyers there cut oil imports from the United States following Beijing’s announcement it would impose tariffs on U.S. crude in retaliation against similar moves by Washington.

 

 PETROBRAS NET INCOME $2.145 BLN
2018, May, 10, 13:00:00

PETROBRAS NET INCOME $2.145 BLN

PETROBRAS - Net income attributable to the shareholders of Petrobras was US$ 2,145 million in 1Q-2018, a 51% increase compared to US$ 1,417 million in 1Q-2017. The result improved mainly due to increase in Brent prices and gains with divestments.

 

 EXXON PARTNERSHIP IN BRAZIL
2018, March, 30, 11:05:00

EXXON PARTNERSHIP IN BRAZIL

REUTERS - Exxon along with Petrobras and Qatar Petroleum Intl shelled out 2.8 billion reais ($844 million) for a block in Brazil’s offshore Campos basin as the American oil major seeks to aggressively replace dwindling reserves.

 

 BRAZIL REGAIN MARKET
2018, March, 18, 11:30:00

BRAZIL REGAIN MARKET

PLATTS - "The increase in competition induced new practices in the market that resulted in imports returning to normal," Petrobras' Jorge Celestino said during a presentation of the company's 2017 financial results.

 

 U.S. WANT PETROBRAS: $3 BLN
2018, January, 4, 12:15:00

U.S. WANT PETROBRAS: $3 BLN

PETROBRAS - The agreement does not constitute any admission of wrongdoing or misconduct by Petrobras. In the agreement, Petrobras expressly denies liability. This reflects its status as a victim of the acts uncovered by Operation Car Wash, as recognized by Brazilian authorities including the Brazilian Supreme Court. As a victim of the scheme, Petrobras has already recovered R$1.475 billion in restitution in Brazil and will continue to pursue all available legal remedies from culpable companies and individuals.

 

Tags: PETROBRAS, BRAZIL