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Petrobras (PBR) reports Q4 net earnings of 7.75B Brazilian reais ($3.89B), up 53% Y/Y and better...

Petrobras (PBR) reports Q4 net earnings of 7.75B Brazilian reais ($3.89B), up 53% Y/Y and better than analyst estimates of 6B. But full-year 2012 net profit was 21.2B reais, PBR's lowest annual profit figure since 2004 and down 36% from 2011. Average 2012 production was 1.98M bbl/day, down 2% Y/Y, which likely will remain at that level in 2013 due to heavy maintenance shutdowns in H1. Shares -0.7% AH.
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