Brazilian state-run oil giant Petrobras on Friday reported second quarter net profits of R$10.07 billion, the company’s best quarterly performance since 2011. Profits in the second quarter of 2017 were only R$316 million. The company boosted profits on cost cutting, rising production and higher international oil prices. Petrobras was also able to reduce financing costs, aided by asset sales. Total debt declined 13% from the end of 2017 to $73.7 billion. Petrobras posted major losses from 2014 through 2016 in the wake of a corruption scandal. A corporate overhaul plus asset sales have allowed the company to return to core exploration and production activities.
Link to Petrobras releaseMore Testimonials