Petrobras production improved from Q1

Brazilian energy company Petrobras reported July 22 that average production of oil, natural gas and natural gas liquids increased from the first quarter of the year.

Petroleo Brasileiro, as the company is formally known, said total production averaged 2.8mn barrels of oil equivalent (boe)/day, a 1.1% increase from the first quarter. The company credited the gain to improved drilling operations.

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Pointing out various milestones during the quarter, Petrobras said its 42mn m³/d in regasification of liquefied natural gas (LNG) on June 28 set a record.

Meanwhile, the sale of refined petroleum products increased, mainly from higher gasoline and diesel sales.

In line with its commitment to cut sulphur emissions to comply with regulations from the International Maritime Organisation (IMO), the company said it was blending crude oil with fuel oil “in search of the best profitability for its product portfolio.”

Its latest report dealt only with production and sales volumes, not financials.

Petrobras in the first quarter returned to profit after a hefty loss during the same period last year. Net income attributable to shareholders of US$231mn in Q1 2021 marked an improvement from a US$732mn loss recorded during the same period last year, but well below the US$5.4bn in Q4 2020 profits.

Positive cash flow came in at US$5.6bn, while debt reduction of US$18.3bn brought its burden down to $71bn.

Petrobras in June secured more than US$2bn (BRL9.9bn) from a public share offering on the Brazilian exchange.