Q2 net income fell to 28.8B reais (~$5.9B) from 54.3B reais in the year-earlier quarter, and recurring net income, which strips out one-time items, slid to 28.8B reais from 44.9B reais a year ago.
Q2 adjusted EBITDA dropped to 56.7B reais ($11.43B) from 98.3B, and revenues fell by a third to 113.8B reais ($22.98B) from 171B in the same period last year.
Petrobras (PBR) said the average price it paid for Brent crude in the quarter fell to $78.39/bbl from $113.78/bbl a year earlier, and crack spreads declined more than 40% in the period.
The company’s board approved dividends of 15B reais (~$3B), down from 24.7B reais in Q1, and will buy back up to 157.8M preferred shares over the next 12 months, which are worth 4.9B reais at current prices.
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