Petrobras reports a $2.874B surplus

Petrobras’ (PBR) trade balance in 2009, calculated based on oil and derivatives exports and imports, logged in compliance with the Brazilian and international accounting standards the Company adopts, had a financial surplus in the order of $2.874 billion and a volumetric surplus of 156,000 barrels per day. This result only includes liquids, which do not include natural gas, liquefied natural gas (LNG), and nitrogenated products.
This performance reflects, mainly, the 4.8% increase in the exported volumes of oil and derivatives, which averaged 705,000 barrels per day in the year. The increase in total oil production in Brazil and the 23% decrease in total imported derivatives, particularly diesel fuel, contributed to this result. 

On average, diesel imports fell 43.03% in 2009 compared to 2008. This result is the outcome of the increased production of this fuel at Petrobras’ refineries in Brazil, a reflex of the results attained by the Diesel Production Maximization Program and of the lower demand in the internal market. 

In the fourth quarter 2009 (4Q09), the Company’s Trade Balance, calculated based on oil and derivatives imports and exports, was $1.080 billion, $194 million more than in a year earlier.

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