Summary by Futu AI
Petroleo Brasileiro SA Petrobras (Petrobras) reported its operational performance for the first quarter of 2024 (1Q24) on April 29, 2024. The company saw an average production increase of 3.7% in oil, NGL, and natural gas compared to the same period last year, reaching 2,776 MMboed. This growth was attributed to the ramp-up of several FPSOs and the start-up of 19 new wells in the Campos and Santos basins. However, production was 5.4% lower than the previous quarter (4Q23), mainly due to maintenance stoppages and the natural decline of mature fields. The Búzios field reached a production milestone of 1 billion barrels of oil, with plans to deploy six more units by 2027. In refining, total production of oil products increased by 6.1% from 1Q23, with a high utilization factor of...Show More