Brazil's Petrobras Posts $4.7 Bn Second-Quarter Profit

Petrobras Swings Into Profit in Q2

Brazil’s Petrobras reported a profit for the second quarter of the year, booking a net positive result of some $1.6 billion after posting a loss of $480 million for the first quarter of the year. The positive result came despite weaker average oil prices, the company noted. The company reported an average production rate of 2.91 million barrels of oil equivalent for the three-month period, noting it was 5% higher than the average for the first q…

Brazil's Petrobras posts $4.7 bn second-quarter profit

Brazil's state-owned oil company Petrobras posted a hefty net profit of $4.7 billion in the second quarter, recovering sharply from net losses in the same period last year, the company said Thursday.