Petrobras pops up with $7.2 billion of earnings

Petrobras, the state-run oil producer battered by months of bad publicity from a corruption probe and asset write-offs, reported some surprising good news. The company posted $7.2 billion in one measure of first- quarter earnings, beating analysts’ expectations by 23 percent, after a fuel price increase allowed its refining and supply unit to turn a profit for the first time since late 2010. The results follow years of selling imported gasoline at a loss as part of a wider government policy to curb inflation.

Aldemir Bendine, chief executive officer, who in February replaced Maria das Gracas Silva Foster amid a dispute over how graft-related losses should be booked, is developing a business plan to reduce the industry’s heaviest debt load and retain an investment-grade credit rating. Petrobras shares have surged 54 percent since he took office on February 6.

“Our goal is to have a profitable company with excellent governance that is able to use its base of assets in an efficient way,” Bendine said. “We are working to keep our economic and financial performance at high levels.”

Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, rose to $7.2 billion in the first three months of the year.

As part of its effort to reduce debt, Petrobras is seeking to sell $13.7 billion in assets over the next two years.