Petrobras profit reverses a loss of previous period

Passing by numerous processes of sale of assets, while maintaining steady oil production inside and outside of Brazil, Petrobras began to show signs of improvement in your financial health. Getting better performance in your management, the brazilian State has managed to net profits of R $4.8 billion in the first half of this year, reversing the loss registered in the same period last year.

In a statement, the company informed that the result was achieved thanks to increased revenues from exports, lower spending on imports of oil, natural gas and derivatives, as well as reduction of expenses as a result of the sale of your assets, including participation in the New South-East Carrier (NTS).

The company kept the position of net exporter with 401,000 balance bpd, due to the increase in 48% of exports of oil and oil products and 25% reduction in imports. The total production of oil and natural gas in the period was $2,790,000 barrels of oil equivalent, 6% higher than the number registered in 2016. Of this total, 2,670,000 were extracted in Brazil.

Because of greater operating generation and reduction of investment, Petrobras reached cash flow libre for the ninth consecutive quarter totaling R $22.7 billion in the first half of 2017 and R $9.3 billion in the second quarter of this year. It seems that the good winds are back blowing offshore market, especially for Petrobras.

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