Petrobras executives point to production boost after lukewarm results

Oil and gas production at Petroleo Brasileiro SA is on the rise, executives said on Wednesday, telling analysts that the company was on course to hit its annual production target despite lagging output in the first three months of the year.

In a call with analysts following the release of first-quarter results, Petrobras Exploration and Production Director Carlos Alberto de Oliveira reaffirmed the company’s production goal of 2.8 million barrels of oil equivalent per day (boepd) for 2019, adding that the company has been exceeding that figure in May.

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