Business

Petrobras obliterates profit records, but long-term questions linger

Oil major Petrobras recorded the biggest annual profit for any Brazilian public company in history, though there are questions hanging over its decarbonization commitments

Fuel price in Brazil sees massive jump after belated Petrobras readjustment. Photo: Lucas Lacas Ruiz/Folhapress
Fuel price in Brazil sees massive jump after belated Petrobras readjustment. Photo: Lucas Lacas Ruiz/Folhapress

Brazilian oil and gas giant Petrobras released its Q4 2021 earnings report on Wednesday and, as expected, it posted record profits. In fact, the oil major’s gains were not just an all-time personal best, they also outstripped the performance of all Brazilian publicly traded companies in history — and by some distance. 

The result comes as an incredible landmark for a company that just four years ago had become synonymous with corruption and was the world’s most indebted oil producer.

Petrobras closed out 2021 with net Q4 profits of BRL 31.5 billion (USD 6.2 billion), down 47.4 percent from the...

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