Executives of state oil firm Petrobras believe the coronavirus outbreak will have only punctual impacts on Brazil's oil exports to China.
During a call with analysts on Thursday, refining and natural gas director Anelise Lara said that demand for production from Petrobras’ pre-salt fields remains high. Output from the fields contains low sulfur content and is in line with the International Maritime Organization's resolution to reduce emissions in maritime fuel that came into force in January.
China takes around 85% of Petrobras’ oil exports. Shipping continues normally as impacts are being felt only in the oil price drop, which will impact first-quarter results, CEO Roberto Castello Branco said.
“Petrobras’ oil is very well accepted in Europe and the US. We are also seeking new markets, such as India,” Lara added.
The company announced on Wednesday a record US$10.2bn net profit for 2019, 41.5% higher than 2018. It attributed the results to a production increase, recovery in oil prices and lower costs. Asset sales last year reached US$16.3bn.
Analysts said the profit increase derives from portfolio optimization but on the downside are higher sales costs, higher impairments, and low utilization rate of refining plants.
“This was a robust year for Petrobras, with strong figures in E&P, considering higher production and lower costs, despite the lackluster numbers in refining, considering the dynamics of a lower utilization factor paired with higher expenses,” a BB Investimentos report said.
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