Petroleo Brasileiro SA Petrobras ADR (PBR) Quote - XNYS | Morningstar

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Petrobras Benefits From Higher Oil Prices in Q1 as Downstream Improves as Well

Sector Strategist Allen Good

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA | May 9, 2022

Petrobras reported adjusted reoccurring EBITDA of BRL 78.2 billion compared with BRL 47.7 billion a year before. Higher oil prices were the primary factor lifting exploration and production adjusted EBITDA to BRL 73.0 billion from BRL 44.2 billion a year ago. Total production volumes rose to 2,796 thousand barrels of oil equivalent per day from 2,765 mboe/d a year earlier, as low-cost presalt volumes reached 72% of total volumes.

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Petroleo Brasileiro SA Petrobras ADR's Company Profile

Business Description

Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on exploration and production for oil and gas in Brazilian offshore fields. Production in 2020 was 2.8 million barrels of oil equivalent a day (83% oil production), and reserves stood at 8.8 billion boe (86% oil). Petrobras operates 13 refineries in Brazil with capacity of 2.2 million barrels a day and distributes refined products and natural gas throughout Brazil.

Contact

Avenida Republica do Chile, 65
Rio de Janeiro, RJ, 20031-912, Brazil

T +55 2132244477

acionistas@petrobras.com.br

www.petrobras.com.br

Sector Energy

Industry Oil & Gas Integrated

Most Recent Earnings Mar 31, 2022

Fiscal Year End Dec 31, 2022

Stock Type —

Employees 38,703

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