Petrobras posted an annual profit of 188 billion reais ($36 billion) last year, up 76% from the 107 billion reais profit registered in 2021 and a record for any Brazilian company.

Fourth-quarter earnings of 43 billion reais were also up 38% on a yearly comparison with 2021 as the state-controlled company continued to reap the benefits of higher oil prices and stronger refining margins.