By Jeffrey T. LewisSÃO PAULO-- Petróleo Brasileiro SA, or Petrobras, said profit declined in the first quarter as the price of oil dropped from a year earlier. The Rio de Janeiro-based oil company said net income fell to 38.2 billion reais, the equivalent of $7.7 billion, from BRL44.6 billion a year earlier. Recurring net income, which doesn't include one-time items, fell to BRL37.7 billion from BRL43.3 billion a year earlier. The average price of a barrel of benchmark Brent crude oil fell to $81.27 in the quarter from $101.40 a year earlier, Petrobras said. Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com-0-(END) Dow Jones NewswiresMay 11, 2023 17:53 ET (21:53 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal May 12, 2023 03:56 UTC