Petrobras posts record gasoline production in the third quarter

Brazilian state-run oil firm Petrobras PETR4.SA produced a record 436,000 barrels of gasoline per day (bpd) in the third quarter, up 2.8% from the same period a year earlier, according to a securities filing on Monday.

WHY IT’S IMPORTANT

Petrobras is one of the largest companies in Latin America by market value.

The data released on Monday on output at its oil refineries gives an advance look at how it performed, ahead of a quarterly operational report and full financial earnings over the next few weeks.

BY THE NUMBERS

Petrobras said it produced some 6.38 billion liters of gasoline in the quarter, and confirmed to Reuters that was equivalent to 436,000 bpd – the measure the firm normally uses to report this kind of data.

Refinery utilization reached 95.2% in the quarter, just under the 96% in the same period of 2023, which was a near-decade high.

In September alone, the utilization factor reached 96.8%, its highest monthly figure so far this year, it said.
Source: Reuters (Reporting by Roberto Samora in Sao Paulo and Marta Nogueira in Rio de Janeiro; additional reporting and writing by Andre Romani in Sao Paulo; Editing by Kylie Madry and Sonali Paul)