Petrobras Profit Surges 38% to Record on Oil Production
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Petroleo Brasileiro SA, the world’s third-largest oil company by market value, said fourth-quarter profit surged 38 percent to a record after production increased.
Net income rose to 10.6 billion reais ($6.4 billion), or 81 centavos a share, from 7.7 billion reais, or 87 centavos, a year earlier, the Brazilian state-controlled company said Feb. 25. Per-share profit, which fell after the company’s $70 billion stock offer last year diluted earnings, topped the 67-centavo average estimate of three analysts in a Bloomberg survey.