The risk of government intervention has risen, but it's left Petrobras shares looking cheap.
Petrobras reported strong second-quarter results, alleviating concerns regarding what government price controls for refined product during the quarter might have done to profitability. Adjusted EBITDA increased to BRL 30.1 billion during the quarter, compared with BRL 19.1 billion a year ago. The upstream segment was largely responsible for the gain, with adjusted EBITDA rising to BRL 26.9 billion from BRL 15.0 billion a year ago, as higher oil prices offset a nearly 5% decline in production (du...
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