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In The Third Quarter, Petrobras’ Investments Totaled US$ 2.6 Billion, With 75% Allocated For Capital Investment.
On Thursday, October 24, Petrobras reported a net profit of R$ 9 billion in the third quarter of 2019. The result represented a significant increase of 36% compared to the same period in 2018. According to international studies released this week, the state-owned company will continue to dominate the implementation of global FPSOs in the next five years.
According to Petrobras, the profit is due to the increase in oil and gas production. In the third quarter, Petrobras’ average oil and natural gas liquids (NGL) production in Brazil rose 16.9% compared to the same period in 2018, to 2.264 million barrels per day (bpd), amid the development of extraction in new platforms, especially in the pre-salt.
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The “capital gain from the sale of BR Distribuidora” also contributed to boosting the result. Petrobras announced in July the sale of the control of BR for R$ 9.6 billion.
In a statement, Petrobras stated that “In terms of the sales revenue composition, diesel remains the most relevant product, representing 51% of the revenues from derivative sales in the domestic market, an increase of 2.6% compared to the previous quarter, followed by gasoline, which accounted for 20% of sales, a decrease of 8.7% compared to the previous quarter,”
The company saw an increase in expenses of R$ 7 billion (19.1%) compared to the previous three months. According to Petrobras, this increase in expenses occurred “mainly due to rising logistical costs for the use of gas pipelines.”
Exploratory expenses for oil and gas extraction were R$ 276 million, a reduction of 30% compared to the previous quarter.
The company ended the third quarter with a net debt of US$ 75.4 billion – a reduction of 9.9% compared to US$ 83.674 billion from the previous three months. Compared to the same period last year, there was an increase of 3.5%.
The repurchase of US$ 9 billion in foreign debt securities, including debt exchanges, was “essential for the continued reduction of debt” and generated a positive balance of R$ 2.6 billion (or US$ 665 million), the state-owned company reported.
In the third quarter, the company’s investments totaled US$ 2.6 billion, with 75% allocated for capital investment.
Capital investment is used to expand the capacity of existing assets and increase production. It also includes acquisitions of assets or companies and exploratory activities.
The amount invested between July and September represents a 33.2% decrease compared to the same period last year (US$ 3.908 billion) and is stable compared to the previous quarter (US$ 2.595).
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