Petrobras has a loss of R$ 48.5 billion in the 1st quarter

Last Thursday (15), Petrobras reported that in the current situation of crisis and revision in the price of oil, suffered a net loss of 48.5 billion reais in the first quarter. In the same period in 2019, the state-owned company had a net profit of R$ 4 billion.

"We are now assuming that the long-term Price of Brent will average $50/barrel, up from $65/barrel previously," Petrobras said. "These factors were mitigated by higher export volumes, higher margins on derivatives, lower expenses, including general and administrative, exploratory and tax expenses, as well as hedging gains," the company said in a statement.

However, according to the president of the state-owned company, Roberto Castello Branco, "the global recession did not significantly impact the company's performance in the first quarter, and should do so in the following quarters."  The company also reported that there was a reduction in exports to China, the country received in the period 48% of the company's exports, against 68% in the fourth quarter.

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