Petrobras Earnings Slip but Improvement On Track
Petrobras' second-quarter earnings slipped, with adjusted EBITDA falling to BRL 19.1 billion from BRL 20.5 billion last year as the rise in oil prices worked against it by crimping downstream earnings, offsetting the benefit on upstream earnings. However, we see the company’s turnaround as still on track, as it continues to increase production of high-margin pre-salt volumes, reduce its costs, and generate free cash flow, all of which should lead to further stabilization of the company and event...
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