Petrobras has record net profit of US$ 18 billion, with 53% growth
DCI 03/09/2009
Petrobras registered in 2008 the greatest net profit in its history. The result disclosed on Friday was of R$ 33 bi (US$ 18 billion) compared to the R$ 21.5 bi (US$ 11.1 billion) obtained in the previous year; this value represents an increase of 53% over 2007. Among the reasons that led the state company to such a level of profit is the increase of production, which achieved a positive variation of 5.4% in Brazil, and the prices practiced by the company. The result was obtained mostly until September. Although the company registered profit 46% superior to that of 2007 in the last three months, there was fall of R$ 3.5 billion (US$ 1.9 billion) in profit compared to the third quarter of 2008. According the Financial and Investor Relations Officer of Petrobras, Almir Guilherme Barbassa, this result was due to the realization of stocks acquired at a period of high prices and whose processing and sale took place at a scenario of fall in the oil prices, after the peak of US$ 147 a barrel. According to the consolidation presented by Petrobras, the company increased investments by 18% compared to 2007. In total, R$ 53.3 billion (US$ 29.1 billion) were invested, mostly in Exploration and Production, with priority to the development of the production of oil and gas. With that, Petrobras registered the use of 91% of the refining capacity installed in Brazil. The processing of oil achieved 1.765 million barrels per day, with a production of 1.787 million barrels per day of oil byproducts. As a reflex, the sales in the domestic market increased 5%, with emphasis for the diesel, gasoline and natural gas. In 2009 the numbers tend to increase, because, last Wednesday, the state company announced a new record of production, with 2,012,654 barrels. According to the company, three new production rigs went into operation in Basin of Campos (RJ), P-51 and FPSO Cidade de Niterói, in field of Marlim Sul and P-53, in the field of Marlin Leste. The performance of the platforms P-52, which reached the peak of production in the last quarter of 2008, and P-54, which has been registering growing production, both installed in the field of Roncador, in the Basin of Campos, also contributed for it. When these units achieve the peak of production, 460 thousand barrels of oil will be added to the installed capacity.