Petrobras surprises and closes 2020 with a R$7 billion profit

Annual production records were set, with 2.28 million barrels of oil and gas per day and 2.84 million barrels of oil equivalent per day of total production. Record marks were last set in 2015.

RIO DE JANEIRO, BRAZIL - Petrobras recorded profits of R$59.8 (US$10.9) billion in the 4th quarter last year and closed the year with a profit of R$7.1 (US$1.3) billion. The result contrasts with the losses expected by the experts.

Low oil prices and a production drop in the 4th quarter had been expected to lead to a net loss for the state-owned company.

In the year, revenue totaled R$272 (US$50.3) billion. It was R$74.9 billion in the last quarter.

EBITDA (earnings before interest, taxes, depreciation, and amortization . . .

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