May 7, 2019 / 11:43 PM / 16 days ago

CORRECTED-UPDATE 1-Petrobras posts profit miss; flags increasing oil production

(In 2nd paragraph, corrects to say that profit fell by 42 percent, not rose by 92 percent)

RIO DE JANEIRO, May 7 (Reuters) - Brazilian state-run oil firm Petroleo Brasileiro SA posted quarterly results that missed expectations on Tuesday, although management flagged a potential production boost in the second quarter as new platforms ramp up output.

Petrobras, as the firm is known, posted a quarterly profit of 4.03 billion reais ($1.02 billion), down 42 percent from the same period a year ago.

That was below the Refinitiv estimate of 5.36 billion reais. As in previous quarters, results were clouded by judicial contingencies and other one-off items that have become commonplace at the firm, which in recent years has been at the center of one of the world’s largest-ever corruption probes.

When adjusted for those one-off items, including 1.3 billion reais in judicial contingencies due to an ongoing dispute with a bankrupt rig lessor, Petrobras said it would have reported a quarterly profit of 5.1 billion reais.

Quarterly oil production at Petrobras fell 4 percent from the previous quarter, a figure that was previously reported in part by Brazil’s oil regulator. Petrobras attributed the decline in part to a series of stoppages.

The firm said that April oil production by Petrobras grew to 2.61 million barrels per day (bpd), and the firm’s P-74 oil platform completed its ramp-up period on May 2, reaching 150,000 bpd.

“The expectation is that oil production will increase in the second quarter as new complexes advance in the ramp-up process,” the company wrote.

$1 = 3.97 reais Reporting by Gram Slattery; editing by Jonathan Oatis and Rosalba O'Brien

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