Petrobras’ Non-E&P Segment Offset Benefit of Higher Oil Prices in 1Q Earnings
Petrobras reported a 56% jump in net income during the first quarter, although that headline figure reflected the benefit of asset sale gains. Looking at adjusted earnings shows a more muted picture, with the higher oil prices resulting in the typical increase in upstream earnings and decline in downstream earnings. In sum, adjusted EBITDA increased to BRL 25.7 billion from BRL 25.3 billion last year. Upstream adjusted EBITDA rose to BRL 22.7 billion from BRL 17.8 billion on higher oil prices. P...
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