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.
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