
Brazil oil companies pump greater output, higher profits in 1Q22

Most of the listed Brazilian oil companies posted net profits in the first quarter of 2022, while all of them raised their output in the period, according to a BNamericas survey
State-run company Petrobras reported 44.6bn reais (US$9bn) in net income in 1Q22, mainly due to high international oil prices.
Between January and March, the oil giant produced 2.46Mboe/d, up 0.5% year-on-year.
Rio de Janeiro-based PetroRio posted a 1.07bn-real net profit, compared with a 41.4mn-real loss in the same three months of last year.
The result was positively impacted by a sizable increase in Ebitda, influenced by the company's operating result.
PetroRio’s output in the first quarter was 35,100boe/d, up 13% year-on-year from 1Q21.
Headquartered in Bahia state, PetroRecôncavo posted a 401mn-real net profit in the first three months of the year, up from a 12.8mn-real loss in the same period of 2021.
As a consequence of the conclusion of the acquisition of the Miranga and Remanso hubs from Petrobras, PetroRecôncavo saw its output jump 68% and its revenues and Ebitda were up by 186% and 215%, respectively.
Eneva’s net profit was down 9% year-on-year to 185mn reais, due to fiscal issues and the acquisition of Focus Energia.
The company’s output, which basically consists of natural gas, was down 95% in 1Q22 because of the reduction in thermoelectric power demand.
3R Petroleum posted a 335mn-real loss in the first quarter, compared with a 44mn-real loss in 1Q22.
The company said the result was mostly justified by the negative mark-to-market effects of the Brent hedge derivative instruments and financial investments indexed to the dollar.
Its oil and gas production in the period rose 68% year-on-year was 9,164boe/d.
Enauta suffered a 100mn-real loss, increasing from the 15.8mn-real loss it reported in 1Q21, stemming from higher expenses in the quarter.
The company’s total output in the period was 17,661boe/d, up 51% year-on-year, mostly reflecting the increase of its stake in the Atlanta field.
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