Petroleo Brasileiro (PBR) reported late Thursday it swung to a Q4 profit of $2.9 billion from a loss of $2.77 billion a year earlier.

Analyst polled by FactSet expected a profit of $3.52 billion.

Revenue for the quarter ended Dec. 31 was $23.61 billion, up from $20.82 billion a year earlier.

Analysts surveyed by FactSet expected $22.81 billion.

Shares were almost 2% higher in premarket trade Friday.