{"id":87388,"date":"2023-08-04T22:05:00","date_gmt":"2023-08-04T18:05:00","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=87388"},"modified":"2023-08-04T21:08:05","modified_gmt":"2023-08-04T17:08:05","slug":"brazils-petrobras-q2-profit-dropped-on-lower-oil-price","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/brazils-petrobras-q2-profit-dropped-on-lower-oil-price\/08\/04\/market-updates\/","title":{"rendered":"Brazil\u2019s Petrobras Q2 profit dropped on lower oil price"},"content":{"rendered":"\n<p>Petrobras retreated -0.5% pre-market Friday after Q2 earnings fell by nearly half from a year earlier on lower oil prices and a sharp drop in international crack spreads for diesel.<br><br>Q2 net income fell to 28.8B reais (~$5.9B) from 54.3B reais in the year-earlier quarter, and recurring net income, which strips out one-time items, slid to 28.8B reais from 44.9B reais a year ago.<br><br>Q2 adjusted EBITDA dropped to 56.7B reais ($11.43B) from 98.3B, and revenues fell by a third to 113.8B reais ($22.98B) from 171B in the same period last year.<br><br>Petrobras (PBR) said the average price it paid for Brent crude in the quarter fell to $78.39\/bbl from $113.78\/bbl a year earlier, and crack spreads declined more than 40% in the period.<br><br>The company&#8217;s board approved dividends of 15B reais (~$3B), down from 24.7B reais in Q1, and will buy back up to 157.8M preferred shares over the next 12 months, which are worth 4.9B reais at current prices.<br><br>Petrobras lowered dividends to 45% of free cash flow, an announcement that came as a relief to investors who were expecting even lower payouts under new management.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Petrobras retreated -0.5% pre-market Friday after Q2 earnings fell by nearly half from a year earlier on lower oil prices and a sharp drop in international crack spreads for diesel.Q2 net income fell to 28.8B reais (~$5.9B) from 54.3B reais in the year-earlier quarter, and recurring net income, which strips out one-time items, slid to &hellip;<\/p>\n","protected":false},"author":13,"featured_media":87395,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[10439,6936,10438],"class_list":["post-87388","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-diesel","tag-oil-prices","tag-petrobras"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=87388"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87388\/revisions"}],"predecessor-version":[{"id":87393,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/87388\/revisions\/87393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/87395"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=87388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=87388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=87388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}