Petrobras 1Q Profit Jumped to BRL44.6 Billion as Oil Price Soared

By Jeffrey T. Lewis

SÃO PAULO--Petróleo Brasileiro SA, or Petrobras, said profit soared in the first quarter after the price of oil jumped from a year earlier.

The Rio de Janeiro-based oil company said net income increased to 44.6 billion reais, the equivalent of $8.9 billion, from 1.2 billion reais a year earlier. Recurring net income, which doesn't include one-time items, rose to 43.3 billion reais from 1.4 billion reais a year earlier.

The state-controlled company reported adjusted earnings before interest, taxes, depreciation and amortization increased to 77.7 billion reais from 48.9 billion reais and revenue increased to 141.6 billion reais from 86.2 billion reais in the first quarter of last year.

The average price of a barrel of benchmark Brent crude oil rose to $101.40 from $60.90 a year earlier, Petrobras said.

Write to Jeffrey T. Lewis at [e-mail]

(END) Dow Jones Newswires

05-05-22 1954ET