Increased Oil Prices Result in Record Profits for Petrobras

Petrobras's (PBR) profits rose 58% in 2008. Petrobras announced record profits of US$33,915 billion for 2008, resulting mainly from increased oil prices.

The company's net income reached R$284,597 billion last year, up 30% from 2007.

Total oil and gas production, including both operations in Brazil and abroad, increased by 4% when compared to 2007. Production reached 2.4 billion barrels of oil equivalent (boe) - with 1.98 billion boe of oil and 420 million boe of natural gas.

The president of Petrobras, José Sergio Gabrielli, said:

The year's results reflect not only correct strategic positioning by the company in the market, but also the strength and robustness of its assets that provide the integrated structure of its business, mainly in the second half of the year when the international financial crisis was worsened.

Gabrielli also said Petrobras was not severely affected by lack of credit during the fourth quarter.

We have various financial transactions for financing our activities during a period of extreme volatility. We have the support and guarantee of financial institutions familiar with the strength, solvency and Petrobras' ability to honor its commitments.

Comments

[Ferdinand E...:]

If things were so sweet for Petrobras, think about how lovely they must have been for the Middle East producers. Moreover, they won't be so bad this year, unless the dollar flops.

Mar 14 08:18 AM

[The Greates...:]

Also, over the last 6 years the oil companies as a whole have made $476 billion in net profit.

Mar 14 08:47 AM

[Kezorm:]

Things are sweet for Brazil:

www.bloomberg.com/apps...

Mar 14 06:45 PM

[nmelendez:]

Love Brazil...commodities, PBR, Embraer Aircraft...everything. Also Argentina.

Mar 15 12:41 AM

[murf-o:]

A favorite of mine,and many others.

Mar 15 10:02 AM

[bassmaster17:]

I hope it pulls back so I can grab more!!!

Mar 20 11:33 PM