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Petrobras posts highest profit in five years

Staff Writer | May 10, 2018
Buoyed by improved management and the overall recovery of the Brazilian economy, Petrobras had its best Q1 since 2013.
Petrobras   Profits grew 56% year-over-year
According to a statement issued by the company, net profits in the quarter reached R$ 6.96 billion ($1.936 billion) - the best result since 2013, when Petrobras earned R$ 7.69 billion.

“We are following exactly what we promised in our business plan announced in 2016, and our Q1 results show that the choices have been correct and that the effort has paid off," Petrobras President Pedro Parente said.

According to Parente, the quarter's results consolidate the recovery of the company.

Now, the next goals include reaching December with safety indicators ranked among the best in the oil sector, and ensuring the company maintains financial equilibrium and restores its reputation worldwide.

Petrobras' profits grew 56% year-over-year, partly driven by higher international oil prices. The average price of the oil barrel increased from US$ 53.8 in Q1 2017 to US$ 66.8 in Q1 2018.

The company also obtained good results with its divestment of assets in the Lapa, Iara and Carcará pre-salt fields in the Santos Basin.

In a statement, Petrobras reported that the result of the period was also boosted by the start of production in the Búzios field, progress in the construction of eight platforms that will be installed by the end of 2019, and a 4% growth in exports.