This excerpt taken from the PBR 6-K filed Nov 12, 2008.
The higher year-on-year result was due to the increase in average domestic oil prices and the 3% increase in daily oil and NGL production
Part of these effects were offset by the higher government take and the increase in exploration costs, the latter due to the write-off of dry and non-commercial wells.
The spread between the average domestic oil sale/transfer price and the average Brent price widened from US$ 10.61/bbl in the first nine months of 2007, to US$ 13.51/bbl in the first nine months of 2008.
The quarter-over-quarter reduction was due to the decline in international oil prices, associated with the following factors:
The higher government take;
Higher exploration costs from the write-off of dry or non-commercial wells, as well as geological and geophysical costs;
Expenses related to the 2008/09 labor agreement.
Part of these effects were offset by the 2% increase in total oil and NGL production and the reduction in the spread between the average domestic oil sale/transfer price and the average Brent price narrowed from US$ 15.92/bbl in the 2Q-2008 to US$ 14.20/bbl in the 3Q-2008.
This excerpt taken from the PBR 6-K filed Aug 13, 2008.
The quarterly improvement in the result was due to the following factors:
Higher oil prices, higher sales volume in Ecuador and from the beginning of operations in the Japanese refinery;
Lower exploration costs in the USA and Nigeria;
The constitution of provisions for royalty contingencies in the 1Q-2008.
The higher result was due to the following factors:
The R$ 632 million reduction in expenses from the amendments to the Petros Plan regulations in 2007;
The R$ 224 million reduction in tax expenses due to the extinction of the CPMF financial transaction tax, partially offset by the increase in the IOF financial operations tax.
The 2Q-2008 downturn was due to the negative impact of net financial expenses, as detailed on page 9, plus the impact of the negative exchange variation on offshore investments.
This excerpt taken from the PBR 6-K filed Nov 21, 2007.
(A free translation of the original report in Portuguese)
08.01 COMMENTS ON THE CONSOLIDATED PERFORMANCE IN THE QUARTER