Petroleo Brasileiro SA, Brazil’s state controlled oil company, reported second quarter profit fell less than analysts estimated amid a decline in oil prices. Consolidated net income dropped to 7.73 billion reais ($4.19 billion), or 88 centavos a share, from 9.72 billion reais, or 1.11 reais, in the year earlier period, the Rio de Janeiro based company known as Petrobras said today in a statement. Six analysts surveyed by Bloomberg had forecast an average profit of 6.23 billion reais. Petrobras is seeking to increase production to boost cash generation, as the average price of crude in the quarter fell 47 percent to $63.01 a barrel from a year earlier.....Complete Story
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