São Paulo – Petrobras informed on Friday (3) that it had a loss of R$ 1.356 billion (US$ 662 million) in the second quarter. According to the company, depreciation of the Brazilian real as against the dollar increased the company’s debt in foreign currency and other dollarized costs.
Furthermore, there were greater expenses with “losses in dry and sub-commercial wells” and reduction in production of oil due to stops for maintenance. Extraction of oil and gas was 2.579 million barrels of oil equivalent a day in the second quarter, a reduction of 4% over the first quarter.
Due to these stops and to expenses with a programme for greater operational efficiency in mature fields, according to the company, there was growth in extraction costs.
A press statement by Petrobras also shows that the prices of oil products in the internal market were low as against international prices throughout the second quarter, up to June 25th, when prices were raised.
The company also said that there was formation of stocks due to high costs and to the greater presence of imported products, mainly diesel, to supply the growing domestic demand, as well as price reductions late in the period and greater imports of liquefied natural gas (LNG).
In the first half, Petrobras had net profit of R$ 7.868 billion (US$ 3.8 billion), a reduction of 64% over the first six months of 2011. Average production, however, increased by 2.618 million barrels a day, to 2.628 million in the same comparison.
*Translated by Mark Ament
