By Jeffrey T. LewisSÃO PAULO--Petróleo Brasileiro's profit dropped in the second quarter from a year earlier after the price of oil fell on world markets and crack spreads for diesel fuel plunged. The Rio de Janeiro-based oil company known as Petrobras said net income fell to 28.8 billion reais, the equivalent of $5.9 billion, from BRL54.3 billion a year earlier. Recurring net income, which doesn't include one-time items, declined to BRL28.8 billion from BRL44.9 billion a year earlier. The average price of a barrel of benchmark Brent crude oil fell to $78.39 in the second quarter from $113.78 a year earlier, Petrobras said. Crack spreads, or the difference between the cost of a barrel of oil and the price of the products made from that raw material, declined more than 40% in the period, according to the company.

Source: Wall Street Journal August 04, 2023 12:10 UTC