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LatinNews Daily - 05 August 2019
In brief: Brazil’s Petrobras disappoints on production
* Brazil’s state-owned oil company Petrobras has announced record financial results for the second quarter of 2019, posting a net income of R$19bn (US$4.89bn) for Q2 2019. This was a 368% increase on the net income recorded in the first quarter of the year, and an 87% increase on the Q2 2018 results. This is primarily due to the successful sale of 90% of its shares in gas pipeline system Transportadora Associada de Gás SA (TAG) in June. However, despite a slight increase in production in Q2, production remains below expectations and Petrobras reminded that it has revised its production target for 2019 downwards, to 2.7m barrels of oil equivalent per day.
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