The company said it produced 2.795 million barrels of oil equivalent a day in Brazil and abroad in October, a 0.5% increase from September.
Oil production in Brazil increased 0.4% from the previous month to a record 2.126 million barrels a day. Oil production abroad grew 0.1% from September to 215.8 thousand barrels of oil equivalent a day in October.
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Petrobras said the increase in output was due to the ramp up of two platforms at the Roncador field, and one platform at the Whale Park field.
TheStreet Ratings team rates PETROBRAS-PETROLEO BRASILIER as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETROBRAS-PETROLEO BRASILIER (PBR) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and poor profit margins."