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Petrobras’ Profit Achieves Impressive Results, Ensuring Position in Top 5 Oil Companies That Made the Most Profit in the Last Quarter
Last week, Petrobras announced its financial results for the third quarter of 2024 (3Q24), highlighting a net profit of R$ 32.6 billion. In addition to Petrobras’ profit, the company reported other solid indicators, such as recurring EBITDA of R$ 64.4 billion, free cash flow of R$ 38 billion, and operational cash generation (FCO) of R$ 62.7 billion.
According to President Magda Chambriard, the performance reflects the commitment to Petrobras’s financial health, even amid challenges such as the drop in Brent oil prices.
“We presented a significant Petrobras net profit this quarter, with strong cash generation and reduction in both financial and gross debt. All of this in a challenging scenario of falling Brent oil prices. Additionally, in the 3rd quarter we made investments of US$ 4.5 billion in projects that will ensure the company’s future“, stated Chambriard.
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Financial Performance
The Adjusted Recurring EBITDA, which reached R$ 64.4 billion in the quarter, represented a 3% increase compared to the previous period. This result was driven by the depreciation of the real against the dollar, higher oil production volume, and increased sales.
However, the company faced pressures, such as a 6% drop in Brent prices and a 16% reduction in the spread between diesel and oil prices (crack spread).
Petrobras also reduced its financial debt to US$ 25.8 billion, the lowest level since 2008, and gross debt fell to US$ 59.1 billion. Both reductions align with the targets set in the 2024-2028 Strategic Plan.
Investments and Contributions
Petrobras’ investments in 3Q24 totaled US$ 4.5 billion, a 30% increase compared to the previous quarter. Year-to-date, investments reached US$ 10.9 billion, 19.5% higher than the same period in 2023. The main projects continue to focus on pre-salt, a strategic area for the company.
In terms of returns to society, Petrobras collected R$ 64.4 billion in taxes throughout the third quarter, reinforcing its importance to the public coffers of the Union, states, and municipalities.
The strong financial performance allowed the state-owned company to approve the payment of R$ 17.12 billion in dividends, which will be distributed in two installments, in February and March 2025. Despite the significant amount, the management under Magda Chambriard has already indicated a potential slowdown in this type of payment. “There is no merit in piling up money”, declared the president.
Global Competitiveness of Petrobras
Among the major publicly listed oil companies, Petrobras’ net profit in the third quarter of 2024 was the fourth highest in the world, totaling US$ 5.8 billion (approximately R$ 32.5 billion in current conversion). It was surpassed only by Saudi Aramco, ExxonMobil, and Shell.
| Company/Country | Revenue (in billions of US$) | Profit/Loss (in billions of US$) | Profit on Revenue (%) | Type |
|---|---|---|---|---|
| Saudi Aramco (Saudi Arabia) | 111.1 | 27.6 | 24.8 | State-owned |
| ExxonMobil (USA) | 87.8 | 8.6 | 9.8 | Private |
| Shell (United Kingdom) | 71.1 | 6.0 | 8.4 | Private |
| Petrobras (Brazil) | 23.4 | 5.8 | 24.8 | State-owned |
Furthermore, the Brazilian state-owned company stood out in profitability relative to revenue, reaching 24.8%, the same percentage as Saudi Aramco, the global leader. This performance reflects a significant recovery, as Petrobras had reported a loss in the previous quarter.
New Management
3Q24 marked the first financial statement fully attributed to Magda Chambriard’s management, who took over the leadership of Petrobras in May 2024. Chambriard highlighted efforts to reposition the state-owned company in a highly competitive environment.
With a projected total CAPEX for 2024 between US$ 13.5 billion and US$ 14.5 billion, Petrobras reaffirms its commitment to strategic investments and value creation for its shareholders and society.
The company is also continuing to focus on reducing its debt and maximizing operational efficiency, seeking to consolidate its position as one of the leading global players in the sector.
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