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Petrobras posts higher Q3 income as production rises

Petróleo Brasileiro SA on Oct. 25 reported a consolidated net income attributable to its shareholders of $2.29 billion for the third quarter, up from $1.68 billion a year ago.

The Brazilian energy company attributed the earnings increase to higher oil and gas production and to capital gains from the share sale of its fuel distribution unit, Petrobras Distribuidora SA.

Sales revenues were $19.42 billion during the quarter, a decrease from $22.55 billion in the prior-year period.

The exploration and production segment contributed $12.55 billion to sales revenues, down from $13.12 billion a year earlier.

Gross debt totaled $89.90 billion, compared to $88.12 billion in the year-ago period.