Petrobras Reports $8.6B in 1H10

Petrobras announced its consolidated results of the First Half of 2010 (1H10), in accordance with generally accepted accounting practices in United States (US GAAP).

The consolidated net income reached US $8.6 billion in the 1H10, (US $1.96 per ADS), compared to US $6.6 billion in the 1H09 (US $1.52 per ADS). The increase of 29.2% was primarily due to the increase in the Brent price and to the recovery of sales volume.

Adjusted EBITDA was US $16.6 billion in 1H10, compared to US $13.5 billion in the 1H09.

Capital expenditures amounted to US $19.4 billion in the 1H10, most of which allocated to the expansion of future oil and gas production capacity.

Petrobras Profit Grows 11% in 1H10

  • The net profit for the first half of the year topped at R$16.021 billion
  • The increase was 11% over the first half of 2009 mainly due to the higher Brent price in the period, which reached $77.27 per barrel (up from $51.60/bbl a year ago), and to the recovery in the sales volumes in the Brazilian market, which rose 11%.
  • The cash generation measured by the EBITDA reached R$31.003 billion.
  • Oil & gas production in Brazil was up 3% over the first half of 2009; In April, Petrobras set a monthly oil production record in Brazil, at 2,033,000 barrels per day.
  • In the first half of the year, investments topped out at R$38.101 billion, 17% more than in 1H09.