Petrobras Misses on Q1 EBITDA of 59.64 Billion Reais as Brazil Gasoline Prices Stay Flat
Updated
Updated · Bloomberg · May 11
Petrobras Misses on Q1 EBITDA of 59.64 Billion Reais as Brazil Gasoline Prices Stay Flat
2 articles · Updated · Bloomberg · May 11
59.64 billion reais ($12.2 billion) in first-quarter adjusted EBITDA missed the 64.5 billion reais analyst consensus, with Petrobras saying profit lagged despite higher oil prices.
Stable domestic gasoline prices in Brazil during a war-driven global price surge squeezed the state-controlled producer’s earnings, limiting the benefit from stronger crude markets.
Adjusted EBITDA fell 2.4% from a year earlier, while net income reached 32.7 billion reais and came in above expectations.
The results highlight the tradeoff Petrobras faces between capturing international oil gains and keeping fuel prices steady at home.
Petrobras is pumping record oil but missing profit targets. How long can it shield Brazilians from surging global energy prices?
Petrobras investors demand higher fuel prices, but the government refuses. Who will ultimately win the battle for control of the oil giant?