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Petrobras Q1 net profit falls 30% but meets outlook

  • Petrobras (PBR) says its Q1 net profit fell 30% Y/Y to 5.39B Brazilian reais ($2.43B) but was slightly above analyst consensus, while revenue rose 12% to 81.5B reais, in line with estimates.
  • Q1 EBITDA fell 12% to 14.3B reais, well below expectations.
  • Total production of oil and natural gas fell 1% Y/Y to 2.53M bbl/day; PBR says it should meet its goal of boosting production by 7.5% this year, give or take a percentage point.
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