A recovery in oil output and refining margins helped Petrobras reverse three quarters of straight losses as the Brazilian producer emerges from two years of graft investigations and falling crude prices.
More lucrative domestic gasoline sales helped compensate for falling demand amid Brazil’s ongoing recession, the company said in a filing Thursday. Petroleo Brasileiro SA, as the Rio de Janeiro-based producer is formally known, also increased crude exports during the period and reduced spending on offshore well interventions.
“Petrobras is one of the very few companies in the world that has succeeded at increasing output even amid the oil downturn,” Luana Siegfried, an equity research associate at Raymond James, said by phone from Houston.
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