Petrobras Continues Turnaround in 1Q
Petrobras reported a strong first quarter as a recovery in oil prices returned the upstream segment to profitability and it notched another quarter of positive free cash flow. For the quarter, adjusted EBITDA improved to BRL 25.3 billion from BRL 21.2 billion the year before. With the rebound in oil prices, strong production growth, reduced costs, and absence of impairment charges, the upstream segment increased adjusted EBITDA to BRL 17.8 billion from BRL 9.2 billion last year. Production grew ...
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