Petrobras’ Net Profit Increases by 22% with Oil Production in the Third Quarter of 2020

Written by Paulo Nogueira

Published on 04/11/2020 at 09:34

Updated on 04/11/2020 at 10:05

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The Increase In Production And Sales Of The Octopus And Hammerhead Fields Compensated For The Effect Of The Fall In The Price Of Oil Barrels And Leveraged The Company’s Performance

With its growth target in focus, PetroRio achieved a net revenue of R$ 488.7 million in the period between July and September 2020 (third quarter), representing a 22% increase in revenue compared to 2019. This revenue is due to the large volume of oil produced and sold.

The EBITDA (from English “earnings before interest, taxes, depreciation and amortization“) adjusted by PetroRio reached R$ 204 million, up 10% compared to the third quarter of 42%.

The oil fields of Hammerhead and Octopus mitigated the effect of low oil barrel prices by increasing their production and selling them in unprecedented volumes, which explains this result.

ARTICLE CONTINUES BELOW

DEBT AND CASH

In the third quarter, PetroRio also recorded a continuous reduction in the net debt/adjusted EBITDA ratio, which reached 1.9 times. At the end of the third quarter, the company reported a cash position of US$ 136 million.

PetroRio - Some Milestones In Production And Profits In The Third Quarter Of 2020 — PetroRio – Some Milestones In Production And Profits In The Third Quarter Of 2020

Petrobras’ Net Profit Increases by 22% with Oil Production in the Third Quarter of 2020

The Increase In Production And Sales Of The Octopus And Hammerhead Fields Compensated For The Effect Of The Fall In The Price Of Oil Barrels And Leveraged The Company’s Performance

DEBT AND CASH

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Petrobras’ Net Profit Increases by 22% with Oil Production in the Third Quarter of 2020

The Increase In Production And Sales Of The Octopus And Hammerhead Fields Compensated For The Effect Of The Fall In The Price Of Oil Barrels And Leveraged The Company’s Performance

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An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

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