By Jeffrey T. Lewis
SÃO PAULO – Petróleo Brasileiro SA, or Petrobras, said profits soared in the third quarter as the price of oil jumped from the same period in 2021.
The Rio de Janeiro-based oil company said its net profit rose to 46.1 billion reais, the equivalent of $9 billion, from BRL 31.1 billion a year earlier. Recurring net profit, which does not include non-recurring items, increased to BRL 46.3 billion from BRL 17.4 billion a year earlier.
The state-controlled company reported adjusted earnings before interest, tax, depreciation and amortization of BRL 91.4 billion, from BRL 60.7 billion, and revenue increased to BRL 170.1 billion from BRL 121. .6 billion BRL a year ago.
The average price per barrel of benchmark Brent crude rose to $100.85 in the quarter from $73.47 a year earlier, Petrobras said.
Write to Jeffrey T. Lewis at [email protected]