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Among Other Factors, Petrobras’ Record Profit Can Be Associated with the PPI and Rising Oil Prices in the International Market. The State-owned Company Also Announced the Payment of R$ 87.8 Billion in Dividends
Last Thursday (the 28th), Petrobras submitted the official balance sheet for the second quarter of this year to the Securities and Exchange Commission (CVM). It showed that the oil company achieved a gross profit of R$ 95.861 billion and a net profit of R$ 53.3 billion from April to June, which represents a new record for the state-owned company.
Additionally, it was also announced that Petrobras will pay its shareholders R$ 87.8 billion in dividends, of which R$ 32.1 billion will be transferred to the Union (including BNDES and BNDESPar).
According to the report, the company additionally collected a total of R$ 77 billion in taxes and government participations during the second quarter. In the entire year, about R$ 147 billion was collected – an increase of 92% compared to the first half of 2021.
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The document also states that R$ 6.732003 will be paid per preferred and common share outstanding, divided into two installments with the same amounts to be charged in August and September. The scheduled dates correspond to August 31 and September 20.
Petrobras stated in a statement that the approval of the proposed dividend is in line with the company’s financial sustainability in the short, medium, and long term, as well as being aligned with its commitment to generating value for society and for shareholders, as well as adhering to the best practices of the global oil and natural gas industry.
Petrobras’ Record Transfer to the Union Helps the Government Pay Its Bills
The record transfer made by Petrobras to the Union is expected to ease the government’s finances, which have been strained due to the payment of the “Goodies Package.” In order for the State to end the year with a positive balance, the Secretary of the Treasury and Budget of the Ministry of Economy, Esteves Colnago, decided to request state-owned companies to make additional dividend payments. Given this context, Petrobras communicated, through a “material fact” to the market, that the request was included in its planning.
In the first quarter of 2022, the oil company paid R$ 48.5 billion in dividends, of which R$ 17.7 billion were transferred to the Union.
Study Links Petrobras’ Record Profit to Three Different Factors
According to an analysis conducted by the Institute of Strategic Studies in Oil, Natural Gas, and Biofuels (Ineep), the record profit earned by Petrobras in the second quarter of this year can be explained by three factors.
Firstly, there is the increase in the state-owned company’s revenue from fuel sales, thanks to the Import Parity Price (PPI) policy. In Brazil, the PPI ensures that fuels are priced in accordance with fluctuations in the price of oil in the international market. Thus, given the rising input costs, Ineep assesses that most of the total revenue accumulated by Petrobras during the second quarter came from the revenue generated from fuel sales in the domestic market.
The second factor linked to the company’s record profit, according to the institute, is the reduction in the state-owned company’s production costs due to the high productivity of the pre-salt. According to Petrobras, 73% of the total production in the second quarter of this year came from the pre-salt, where 1.94 million barrels of oil were extracted daily.
Finally, the last factor highlighted by Ineep concerns the sale of assets and financial compensation, which totaled R$ 33 billion for the company between April and June.
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