Petrobras 3Q Profits Fall 26 Percent

RIO DE JANEIRO (AP) — Brazil's state-run oil company says its third-quarter net profit fell 26 percent.

Petrobras says the slide would have been worse if its production had not jumped 4 percent in the quarter as compared to the same time last year.

Net profits for Petroleo Brasileiro SA were $7.3 billion in the third quarter. That compared to a net profit of $9.8 billion in the same period last year.

The company's late Friday statement blames oil prices that are down 41 percent compared to last year for the difference.

Net revenue for the quarter slid 20 percent. It stood at $47.9 billion this quarter.