Petrobras Expects Dip in Oil Exports on Offshore Maintenance Works

Oil exports by Brazilian state-run Petrobras should fall slightly in the first quarter, thanks to scheduled maintenance stoppages at offshore platforms, executives said on Thursday.

On a conference call to discuss the firm’s fourth-quarter results, the executives added that January production was little changed from December.

On Wednesday evening, Petroleo Brasileiro SA, as the firm is formally known, posted a record 2019 profit, though quarterly results were somewhat middling.

Brazil-listed preferred shares in the firm were down 1% in morning trade, while Brazil’s benchmark Bovespa equities index was off 0.5%.

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