Petrobras' Q4 Earnings Are Lifted by High Oil Prices; Production Hits Targets

Petrobras reported adjusted reccurring EBITDA of BRL 62.5 billion compared with BRL 35.1 billion a year before. Higher oil prices were the primary factor lifting E&P adjusted EBITDA to BRL 61.3 billion from BRL 29.4 billion a year ago. Total production volumes rose to 2,704 mboed from 2,682 mboed a year earlier, as low-cost pre-salt volumes reached 71% of total volumes. Full-year production in 2021 met management’s full-year production target of 2.72 mmboed despite falling to 2,774 mboed in 2021 from 2,836 mboed the year before. As Petrobras has had difficulty in the past delivering on production targets, it’s a positive sign.