MercoPress. South Atlantic News Agency
Petrobras posts record net profit in 2010: 20 billion US dollars
The company produced an average 2.58 million barrels of oil equivalent per day Latin America's biggest company, Brazilian state-managed oil giant Petrobras, on Friday said it raked in a record net profit last year of 20 billion US dollars. That figure for 2010 was 17% higher than its profit for 2009 company executives told a news conference in Rio de Janeiro.
Higher sales of derivatives and the appreciation of the Brazilian currency, the Real, against the dollar drove the increase, it said.
Sales in the last quarter of 2010 were 24% higher than those in the corresponding three months of 2009.
The company produced 2.58 million barrels of oil equivalent (oil and associated gas) per day, a 2% increase over 2009's daily average.
In the statement to stock regulators, Petrobras said higher crude-oil production also helped to reduce costs during the quarter. In addition, domestic fuel sales volumes climbed amid heated demand from Brazilian consumers.
Despite the solid year-on-year profit growth in the fourth quarter, Petrobras failed to match the hefty gains posted by global rivals such as Exxon Mobil Corp., Chevron Corp. and Royal Dutch Shell PLC.
Global oil majors have shown the industry's quick ability to recover from the global economic slowdown by passing along higher oil prices to consumers at the pump, where Petrobras has less room to maneuver.
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Read all commentsPetrobras increased its capitalised value during the year by a huge share auction. Who bought the great majority of the shares? ... the Brasilian Government using taxpayers' money.
Feb 27th, 2011 - 08:05 pm 0Who bankrolled the ruling party/president in the Brasilian elections? ..... Petrobras.
The Mensalao is alive and well in Brasil, just adjusting to the smoke and mirrors politics of modern times.
Its just my opinion, but, I look at the world and see the stripping of assets minerals , to some its called progress, to others its called robbery,
Feb 27th, 2011 - 09:15 pm 0first Europe, then the Americas then the far east , followed by the Arab states , middle east in common then Africa , leaving behind vast tract of land and property useless, and the people a lot poorer, and the rich, richer,
and now come the time of south America, the bread basket of the world, about to be exploited, invest in everything that moves, reaping the assets,
and giving the impression of wealth, but to the leaders and not the people, the south Americans welcome this, but what will the ordinary people get out of this, brazil will almost certainly become the dominant power,
and perhaps Argentina the Libya of the south, who knows .
but 300 odd miles away in the British Falklands seem to be the safest place to sit and watch this fiasco unfold, for better or worse the gun has been fired the invested are on their way, the future is in your hands, will south America benefit in the way they think.
Or will brazil walk away with the cup, and the rest the booby prize,
just an opinion , good or bad mmmmm
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