Oil sales at Brazil’s Petrobras up slightly in fourth quarter

Brazilian state-run oil company Petrobras PETR4.SA said on Wednesday its total sales volumes grew slightly in the last three months of 2022, up 0.6% from a year earlier.

Petroleo Brasileiro SA, as the company is formally known, sold 3.07 million barrels of oil equivalent (boe) per day during last year’s fourth quarter, according to data from a securities filing.

The slight bump in quarterly oil sales volumes was mainly driven by a 13.1% rise in exports during the quarter, compared to the same three-month period in the previous year. However, Petrobras’ total 12-month exports in 2022 slid 12% compared to total 2021 shipments, the data showed.

For all of 2022, Petrobras sales volume averaged 3.03 million barrels per day, 0.3% below the figure recorded for the previous year.

The firm had previously said that for all of 2022 it produced a daily average of about 2.68 million boe of crude and natural gas, surpassing its own target of 2.6 million boe.

Refinery utilization rates came in at 86%, compared with 88% in the previous quarter.
Source: Reuters (Reporting by Nayara Figueiredo; Editing by Sarah Morland and Sandra Maler)