Petrobras' Q1 oil and gas output rises 16% from a year earlier

Petrobras reported first-quarter oil, gas and gas liquids production of 3.23 million boed, up about 16% from a year earlier. The production increase signals solid operational momentum for the state-run producer and is supportive for near-term fundamentals. The update is positive but limited in scope, with no accompanying earnings or guidance details.

Analysis

Petrobras reported first-quarter oil, gas and gas liquids production of 3.23 million boed, up about 16% from a year earlier. The production increase signals solid operational momentum for the state-run producer and is supportive for near-term fundamentals. The update is positive but limited in scope, with no accompanying earnings or guidance details.