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
This excerpt taken from the PBR 6-K filed Aug 21, 2007.
E&P: Net income from Exploration and Production totaled R$ 11.499 million in the first half of 2007, 16% below net income for the first six months of 2006 (R$ 13.673 million), due to the following factors:
The spread between the average domestic oil sale/transfer price and the average Brent price widened from US$ 9.77/bbl in the first half of 2006 to US$ 10.84/bbl in the first half of 2007.
In comparison with the previous quarter, net income for the second quarter of 2007 increased by 26% due to higher average domestic oil prices, partially offset by a 1% decline in daily oil and NGL output.
The spread between the average domestic oil sale/transfer price and the average Brent price increased from US$ 9.96/bbl in the first quarter of 2007 to US$ 11.72/bbl in the second quarter of 2007.