Home / Knowledge / News / Textiles / Q1 net profits at Petrobras dips sharply
Q1 net profits at Petrobras dips sharply
13
May '09
Net profit – Petrobras' consolidated net profit in the 1st quarter of 2009 was R$5 billion 816 million. The company's result was influenced by the strong decrease in the oil price in the quarter, which affected the average domestic oil sales price (63% decrease) and the revenues derived from oil and derivatives exports. The lower demand for derivatives in the internal market, a reflex of the decreased industrial activity, also affected the result. On the other hand, the increases made to the diesel fuel and gasoline prices in May 2008, as well as the reduced imports and the lower government take attenuated these effects.

As a result, the company's net profit declined 20% compared to a year ago. In spite of the expressive oil price reduction (55%), cash generation, as measured by the EBITDA, reached R$13 billion 423 million (only 5% less than in 1Q09 compared to 1Q08), while the net operating revenue was R$42 billion 595 million.

Compared to 4Q08, the net profit was down 6%. The financial result diminished from a positive R$2.4 billion in 4Q08, to a negative R$849 billion in the period on account of the exchange rate effects on assets valued in Dollars. More income tax and social contributions were paid because of the fiscal benefit brought on by the provisioning of interest on equity done in 4Q08. Cash generation (EBITDA), meanwhile, was up 46%, reflecting a reduction in costs and operating expenses.

Petrobras sets a daily production record – Oil & natural gas production in Brazil reached 2,261,000 barrels of oil equivalent per day (boed) in the 1st quarter 2009, up 7% over a year ago. Production going on stream at platforms P-53 (Marlim Leste), P-51 (Marlim Sul), and FPSO Cidade de Niterói (Marlim Leste), between 4Q08 and 1Q09, and the increased production at units P-52 and P-54 (Roncador) contributed to this increase, surpassing the natural decline of the mature fields.

The exclusive oil production in Brazil topped-out at 1,952,000 barrels per day (bpd), 7% more than a year ago, while the natural gas production reached 309,000 boed, 2% above the average achieved in 1Q08. A daily oil production record in Brazil was set on May 4: 2,059,000 barrels. Oil and gas production abroad reached 221,000 boed, 2% lower than a year ago. Petrobras' total oil and natural gas production, including Brazil and abroad, was 6% higher than a year ago: 2,482,000 boed.

Extended Well Test at Tupi – The Extended Well Test (EWT) of Tupi, at Block BM-S-11, operated by Petrobras (65%), in partnership with BG Group (25%) and Galp Energia (10%), was kicked-off on May 5. FPSO BW Cidade de São Vicente, capable of producing up to 30,000 barrels of oil per day, is currently producing at the site and achieving good results. The test, which commenced production in the Santos Basin's pre-salt layer, is scheduled to last 15 months and will collect technical information that will contribute to the development of the pre-salt reservoirs.

Investments up 41% – Investments made in 1Q09 reached R$14 billion 380 million, a 41% surge compared to a year ago.For more details click here.

Petrobras S.A.


Must ReadView All

Pic courtesy: Sutlej Textiles & Industries Ltd

Textiles | On 21st Jul 2017

Sutlej Textiles’ Q1 FY18 EBITDA expands to Rs 76.28 cr

Sutlej Textiles and Industries Ltd (STIL), one of India’s largest...

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X