Petrobras (NYSE:PBR) +3.3% AH after reporting a better than expected 50% jump in Q1 EBITDA to 21.5B reais ($7.2B) vs. 14.4B reais in the year-ago quarter and analyst consensus expectations for 17.5B reais.
Q1 net profit totaled 5.33B reais ($1.78B), down from 5.39B reais in the year-ago period, on revenue of 74.35B reais, down 9% Y/Y.
PBR's downstream division, which lost ~60B reais during 2011-14 due to government-mandated fuel subsidies, recorded a 6.18B reais profit in Q1 as reduced fuel subsidies helped overcome the plunge in crude oil prices.
PBR cut capex 13% to $17.8B reais in the quarter, focusing heavily on cutting costs in the downstream division, where capex fell 64%.
Total Q1 oil and gas production rose 11% Y/Y, averaging 2.8M boe/day; in April, PBR reached record monthly oil production in the pre-salt area of 715K bbl/day.
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Sorpresivo porque el muchacho no lee el foro de rava.
