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

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

LyondellBasel expands Texas plant ethylene capacity

US based producer of petrochemicals and speciality chemicals...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Silke Brand-Kirsch
Schlegel und Partner

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

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search