In third-quarter 2014, Petrobras surpassed ExxonMobil’s oil production and is now the largest producer of liquid hydrocarbons among its publicly traded peers, the company said in a press release. Considering oil and natural gas, the company is now fourth in the ranking. In the first nine months of 2014, Petrobras also saw the biggest increase in oil production, in both percentage and absolute terms. During the year, Petrobras and ConocoPhillips were the only publicly traded companies to record an increase in oil production—3.3% in the case of Petrobras and 1.5% in ConocoPhillips’ case.
In the first 11 months of 2014, Petrobras’ average output grew by 4.5% from the same period of the previous year. Between January and November 2014, its monthly volume expanded by more than 10%.
In addition, in 2014 Petrobras expanded its oil processing capacity by more than 500,000 bbl/d, with the startup of four new stationary production facilities. This volume will gradually be incorporated into production, guaranteeing that the company will continue to increase its oil and gas output in 2015, the company said.
Recommended Reading
Tinker Associates CEO on Why US Won’t Lead on Oil, Gas
2024-02-13 - The U.S. will not lead crude oil and natural gas production as the shale curve flattens, Tinker Energy Associates CEO Scott Tinker told Hart Energy on the sidelines of NAPE in Houston.
What's Affecting Oil Prices This Week? (March 18, 2024)
2024-03-18 - On average, Stratas Advisors predicts that supply will be at a deficit of 840,000 bbl/d during 2024.
What's Affecting Oil Prices This Week? (March 11, 2024)
2024-03-11 - Stratas Advisors expects oil prices to move higher in the middle of the year, but for the upcoming week, there is no impetus for prices to raise.
Oil Market Shifting Back to Supply/Demand
2024-03-08 - Stratas Advisors' John Paisie forecasts the price of Brent crude to increase during the second and third quarters of this year and move toward $90/bbl.
Commentary: Fact-checking an LNG Denier
2024-03-10 - Tampa, Florida, U.S. Rep. Kathy Castor blamed domestic natural gas producers for her constituents’ higher electricity bills in 2023. Here’s the truth, according to Hart Energy's Nissa Darbonne.