Petrobras Profit Falls to 7.73 Billion Reais on Oil

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

Exxon to Invest $600 Million in Biofuels Development

Exxon Mobil Corp., the biggest U.S. oil company, plans to invest more than $600 million to develop biofuels with J. Craig Venter’s Synthetic Genomics Inc. The venture will focus on making fuels from algae, Irving, Texas based Exxon Mobil said today in a statement. The company said it expects to spend $300 million on internal costs and pay “potentially more than $300 million” to biotech specialist Synthetic Genomics, known as SGI. Oil companies are investing.....Complete Story

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