Petrobras gains more in Q1 thanks to higher prices but production slows
Petrobras said its earnings before interest, taxes and depreciation in the first quarter of 2015 were about 50% more than in the same period last year thanks to higher diesel and gasoline prices which more than compensated for the effect of declining production.
The company’s refined oil product output was 2,119,000 barrels per day or 8% lower than a year earlier. The decline was the consequence, mostly, of the scheduled shutdown of the Landulpho Alves refinery, the company said.
The company’s EBITDA was 21.5 billion reais. The company said its first quarter net earnings, about one fourth of that, were negatively impacted by increased depreciation of the real.
