In the most successful quarter in the history of the company, Petrobras (NYSE:PBR) - the state-owned oil giant based in Brazil - generated a 38 percent increase in net income while slashing expenses.
Chief Financial Official Almir Barbassa noted, "Earnings in the fourth quarter were a record high. We invested part of the money raised in the (share offering) ... and we rearranged the international portfolio."
Profit soared to 10.6 billion reais ($6.4 billion) for the quarter, far higher than the 8.84 billion reais analysts were looking for.
Expenses plummeted by $300 million as the company cut back on exploration expenditures.
Petrobras closed Friday in New York at $40.38, gaining $0.64, or 1.61 percent. The company has a market cap of just under $260 billion.
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