Petrobras gains as output rises after platforms start operation
BY DENYSE GODOY
RIO DE JANEIRO (Bloomberg) -- Petroleo Brasileiro SA, the state-controlled oil producer, rose as it reported output climbed after four new platforms started operating in September.
Petrobras, as the Rio de Janeiro-based company is known, added 1.5 percent to 18.51 reais at 1:24 p.m. in Sao Paulo, extending its weekly gain to 3.3 percent, the biggest in more than a month. The Ibovespa stock gauge fell 0.8 percent today.
Oil output rose 3.7 percent last month from Aug. 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 emailed 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 new platforms, Karina Freitas and Daniela Martins, analysts at Sao Paulo-based brokerage firm Concordia, wrote in a note to clients.
“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 ($3.6 billion).