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

petrorio, rio de janeiro, engenheiro, óleo e gás

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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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With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

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A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

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