Petrobras posts largest profit ever for a Brazilian company but investors watchful on government moves

Petrobras posted a record annual profit of 188 billion reais ($36 billion) last year, up 76% from the R$107 billion profit registered in 2021, and a record for any Brazil company.

Fourth quarter earnings of R$43 billion were also up 38% up on a yearly comparison with 2021 as the state-controlled company continued to reap the benefits of higher oil prices and stronger refining margins. The quarterly earnings were down 6% on a sequential comparison with the previous quarter.

A portion of the record gains were also attributed to one-off payments from new partners on pre-salt fields Sepia, Atapu and Buzios, representing the partial recovery of development costs that Petrobras had already sunk into these prolific producing assets.

Check Also

Indie invests in FPSO offshore Thailand and extends charter for five years

Valeura Energy has secured an extension for the FPF-003 floating production, storage and offloading vessel …