Petrobras surprises with a 23% drop and gross debt that exceeds R$315 billion reais

Petrobras recorded a net profit of R$23,7 billion in the first quarter of 2024, which represents a drop of 23% compared to the fourth quarter of 2023.

Petrobras reported a net profit of R$23,7 billion in the 1st quarter of 2024 (1Q24). During this period, the company also recorded an Operating Cash Flow (FCO) of R$46,5 billion and an adjusted EBITDA of R$60 billion. The company's financial debt was reduced by US$1,1 billion, reaching US$27,7 billion. Gross debt is US$61,8 billion, including leases. This data is part of the 1Q24 Financial Results Highlights, released on Monday night (13/5).

“We remain committed to executing and financing the planned investments, with capital discipline and generating value for shareholders and society. Petrobras' financial and operational results in the 1st quarter of 2024 are aligned with the company's trajectory to fulfill its Strategic Plan (2024 - 28) in an efficient and sustainable way. We maintained consistent cash generation, ensuring security for future investments, especially those focused on growing the company's production”, stated the president (at the time) of Petrobras, Jean Paul Prates.

Petrobras returned R$68,2 billion in taxes to society

During the period, Petrobras returned R$68,2 billion in taxes to society. Dividends of R$13,4 billion were proposed for the quarter.

Net profit of R$23,7 billion represented a 23% reduction compared to 4Q23. The factors that contributed to this result include the exchange rate devaluation at the end of the period, a lower volume of sales of oil and derivatives - common in the first quarter due to lower demand for diesel -, and the reduction in the price of oil and the diesel margin . “The exchange rate devaluation of the real against the dollar, together with lower sales volumes of oil and derivatives, and the reduction in the price of oil and the diesel margin, impacted the results. When there is exchange rate devaluation, there is a fluctuation in the financial statement due to exchange rate variation, recognized by accounting rules, without affecting the company's cash flow.”, explained the Financial and Investor Relations Director, Sergio Leite.

Investments in the quarter totaled US$3 billion (around R$15 billion), distributed between Exploration and Production; Refining, Transport and Marketing; and Gas and Low Carbon Energy.

A highlight of the 1Q24 results is the amount of investments, which totaled US$3 billion (around R$15 billion), distributed between Exploration and Production; Refining, Transport and Marketing; and Gas and Low Carbon Energy. In Exploration and Production, US$2,5 billion was invested in the development of large projects that will support the production curve in the coming years. Investments in the Santos Basin Pre-Salt (US$ 1,3 billion) stand out, especially in the Búzios and Mero fields; and in the Campos Basin pre- and post-salt projects (US$600 million), such as the Jubarte, Marlim, and Raia Manta and Pintada fields; in addition to exploratory investments (US$200 million).

In the Refining, Transport and Marketing segment, investments totaled US$360 million, with emphasis on scheduled refinery shutdowns and REPLAN's new HDT. In the Gas and Low Carbon Energy segment, investments reached US$ 100 million, with emphasis on the Rota 3 Natural Gas processing unit.

Petrobras' average production of oil, NGL and natural gas in 1Q24 reached 2.776 million barrels of oil

Petrobras' average production of oil, NGL and natural gas in 1Q24 reached 2.776 million barrels of oil equivalent per day (boed), an increase of 3,7% compared to the same period of the previous year (1Q23). Among the main factors for this variation are the evolution of production of the FPSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi and Sepetiba, in addition to the entry into production of 19 new wells from complementary projects in the Campos (11) and Santos Basins (8).

Another milestone in the quarter occurred in Búzios, where the shared deposit reached 1 billion barrels of oil produced, with five platforms: P-74, P-75, P-76, P-77 and Almirante Barroso. This production represents a milestone for the sector.

In the refining park, Petrobras achieved a FUT of 92%, with a yield of 67% for Diesel, QAV and Gasoline, representing high utilization with operational efficiency and value generation.

The expansion of the offer of more sustainable products was also a highlight, with the beginning of the sale of Diesel R5 (with renewable content) in São Paulo and the establishment of partnerships for the sale of CAP Pro W asphalt.

To check the full results of Petrobras’ 1Q24, access the link provided by the company.