BCN-17 Petrobras profits leap in second quarter on higher oil prices

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BCN-17

BRAZIL-OIL-ENERGY

Petrobras profits leap in second quarter on higher oil prices

RIO DE JANEIRO, Aug 4, 2018 (BSS/AFP) – Brazil’s flagship oil company
Petrobras announced sharply higher net profits for the second quarter of
10.072 billion reais ($2.7 billion) Friday, crediting higher crude prices for
the improvement.

The April to June period saw a 45 percent increase over the 6.96 billion
reais net profits in the first quarter.

It was the best quarterly result since 2011 and came despite the company
taking a pounding during a May truckers’ strike that crippled the country’s
economy for almost two weeks, especially impacting fuel deliveries.

The truck drivers, who were angered by rising fuel costs, forced the
resignation of Petrobras CEO Pedro Parente.

Friday’s results were far stronger than the 6.5 billion reais net profits
expected by analysts consulted by financial daily Valor.

They also demonstrated Petrobras’s turnaround from a year ago, when the
second quarter saw net profits of just 316 million reais, reflecting the
continuing fallout from a sharp drop in crude prices and a mammoth corruption
scandal in the company.

BSS/AFP/HR/1038