Petrobras Gains After Four New Platforms Boost Crude OutputDenyse Godoy
Petroleo Brasileiro SA, the state-controlled oil producer, rose as it reported output climbed after starting the operation of four new platforms in September.
Petrobras, as the Rio de Janeiro-based company is known, added 1.4 percent to 18.49 reais at the close of trading in Sao Paulo, extending its weekly gain to 3.1 percent. The Ibovespa stock gauge fell 1.3 percent today.
Oil output rose 3.7 percent last month from August to 1.98 million barrels per day, the highest since December, after the new drilling sites came on line, the company said today in an e-mailed statement. Petrobras’s total crude production has fallen 2.8 percent this year to 17.3 billion barrels.
September’s increase shows the positive impact of the platforms, Karina Freitas and Daniela Martins, analysts at Sao Paulo-based brokerage firm Concordia, wrote in a research note. “Those benefits will be better observed next year, when many of these units will reach production peaks,” they wrote.
Petrobras is scheduled to release its third-quarter earnings report today after the market closes. The average estimate among seven analysts surveyed by Bloomberg is for adjusted net income to climb 3.8 percent from the same period in 2012 to 7.86 billion reais ($3.59 billion).