São Paulo – Late this Monday afternoon (15th), Petrobras announced that it posted a net profit of 21.93 billion reals (US$ 13.5 billion) in the first six months this year, 37% more than the 16.02 billion reals (US$ 9.97 billion) recorded in the same period of 2010. The company’s profit also grew in the second quarter this year. It reached 10.94 billion reals (US$ 6.76 billion) and was 32% higher than the 8.29 billion reals (US$ 5.12 billion) recorded from April to June 2010.
The company ascribes the result to an overall increase in revenues from sales, which reached 116.2 billion reals (US$ 71.8 billion) and was 12% higher than in the same period of 2010. According to news agency Agência Brasil, Petrobras’ financial director, Almir Barbassa, stated that the first quarter result is a consequence of higher domestic sales of derivatives and increased production during the period.
Domestic oil and gas production grew by 2% and reached an average of 2.6 million barrels of oil equivalent per day. The volume of oil derivatives such as diesel and gasoline that were sold in the country grew by 9%. Domestic market sales of natural gas grew by 7%. These products were sold at higher prices than in 2010, according to Petrobras.
The state-owned oil company invested 32 billion reals (US$ 19.7 billion), 16% less than in the same period of 2010. Out of the total investment, 46% were allocated to exploration and production and 38% went into the supply sector. According to the second quarter report, the company’s net indebtedness by the end of the first half this year stood at 68.8 billion reals (US$ 42.5 billion).
*Translated by Gabriel Pomerancblum
