Brazilian state-run oil firm Petroleo Brasileiro SA posted quarterly results tha...
RIO DE JANEIRO - Brazilian state-run oil firm Petroleo Brasileiro SA posted quarterly results that missed expectations on Tuesday, although management flagged a potential production boost in the second quarter as new platforms ramp up output.
As in previous quarters, results were clouded by judicial contingencies and other one-off items that have become commonplace at the company, which in recent years has been at the center of one of the world’s largest-ever corruption probes. The firm said that its April oil production grew to 2.61 million barrels per day , and the firm’s P-74 oil platform completed its ramp-up period on May 2, reaching 150,000 bpd.
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