Petrobras profits take a hit

By blank

 18 November 2011 01:17 GMT

Petrobras recorded a net profit of 6.37 billion reais ($3.7 billion) in the third quarter of 2011, down 26% from the 8.57 billion reais gain in the same period a year ago, as a tumble in Brazil’s currency boosted the value of the company’s foreign denominated debt, writes Fabio Palmigiani.

Net revenues increased 17% to 64.18 billion reais, while domestic oil production was down 1% to 1.978 million barrels per day, impacted by a drop of 52,000 bpd in the Marlim field and non-scheduled shutdowns at the P-20, P-35 and P-37 platforms.

The Brazilian oil company invested 50.83 billion reais from January to September, of which 85% was destined for exploration and production activities.



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