Brazil’s Petrobras third-quarter profit rises 48%

Brazil’s state-run oil firm Petrobras PETR4.SA on Thursday posted a stronger than expected 48% surge in third-quarter profit, boosted by higher prices for Brent crude LCOc1.

Petroleo Brasileiro SA, as it is formally known, reported net profit of 46.1 billion reais ($9.01 billion), above the 43.37 billion reais forecast of analysts polled by Refinitiv.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 50.5% from a year earlier to 91.42 billion reais, also beating analysts’ 88 billion reais estimate.

Surging fuel and natural gas prices following Russia’s invasion of Ukraine have led U.S. giants Exxon Mobil XOM.N and Chevron CVX.N to post vast profits for this quarter.

The average price of Brent crude over July to September was$100.85, Petrobras said, significantly higher than the $73.47 it recorded a year earlier.

Earlier on Thursday, Petrobras had said it would distribute some 43.68 billion reais ($8.5 billion) in dividends. The company’s huge payouts have prompted critics to argue it is underinvesting in its core business.
Source: Reuters (Reporting by Peter Frontini; Editing by Christian Plumb)