Petrobras has recorded a net income of R$4.4 billion in first quarter of 2017
Net income record due to the company’s outstanding operating performance, despite lower demand for oil products in the Brazilian market. The company achieved lower spending on imports of oil and oil products, due to a higher share of domestic oil in processed volumes and higher supply of domestic natural gas, as well as lower selling, general and administrative expenses. Moreover, there was a reduction in net financial expenses and lower write-downs in the value of dry/sub-commercial wells.
Petrobras’ viewed a total output of oil and natural gas was 2.805 million barrels of oil equivalent per day. The company produced 2.248 million barrels per day (bpd) of oil, including 2.182 million bpd in Brazil. Sales of oil products amounted to 1.951 million bpd, down 5% from 1st quarter 2016. Exports of oil and oil products rose 72% to 782,000 bpd, and profited from higher average Brent oil prices and higher domestic oil prices. But, imports of oil and oil products fell 40%, to 290,000 bpd.
The company claimed a free cash flow of R$13.4 billion due to higher operating cash generation and a 34% reduction in investment in relation to quarter 2016. EBITDA rose by 19% from the same period last year and showed R$25.2 billion. PWKD16052017