Petrobras Boasts Operational Gains, Despite Weak Prices

August 8, 2023--Researched by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Petrobras (NYSE:PBR) (Rio de Janeiro, Brazil) reported a net income of US$5.8 billion amid stable production in the second quarter of 2023. The company was upbeat about its operations, particularly its refining rates, despite a nearly 50% drop in net income from second-quarter 2022, which it attributed to weak energy prices.

Petrobras' oil production stood at 2.1 million barrels per day (BBL/d) for the second quarter, on par with the previous quarter and second-quarter 2022. Pre-salt volumes accounted for about 80% of the total output, as the company bets heavily on offshore production.