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Petrobras posts higher Q2 net income with stake sale in TAG

Petróleo Brasileiro S.A. reported Aug. 2 a net income of $4.81 billion, or 36 cents per share, for the second quarter, up from $2.79 billion, or 22 cents per share, a year ago.

The company said the better income was due to the closing of its 90% stake sale in the Transportadora Associada de Gás SA natural gas pipeline unit.

Sales revenue totaled $18.50 billion during the quarter, down slightly from $20.75 billion in the prior-year period.

The exploration and production segment contributed $12.66 billion for the quarter, down from $13.38 billion a year earlier.

Gross debt climbed to $101.03 billion during the quarter from $91.71 billion in the prior-year period.

The company also invested $2.59 billion during the quarter, down from $3.14 billion a year ago. Petrobras allocated $2.11 billion to exploration and production.