The Brazilian oil company earned more than US$ 9,4 billion in the first quarter of this year, almost twice as much as the largest company in the sector on the planet, ExxonMobil, which reached “only” US$ 5,4 billion
In the first three months of this year alone, Petrobras earned US$ 9,405 billion (R$ 44,6 billion). This profit represents a leap in profitability of more than 3.000% compared to the same period last year, when the state-owned company had a gain of R$ 1,3 billion. But the numbers not only reveal a mega billing, it also shows that the Brazilian oil company has raised its level, surpassing the largest similar companies on the planet, contradicting President José Mauro Coelho who insists on saying that the profit is “at the same level” as the others companies around the world.
Just to give you an idea, the largest oil company in the world, the North American ExxonMobil reached “only” US$ 5,480 billion in the first quarter of this year. Asian Petrochina, which has the highest global oil revenue, made US$ 6,161 in profit in 2022.
In view of the above, is it correct for the newly sworn-in Petrobras president, José Mauro Coelho, to state that Petrobras' profit this year is at the “same level” as the other oil companies in the world? For those who don't know or don't remember, the statement was made last Friday (6) when rebutting criticism from the President of the Republic, Jair Bolsonaro, who called the state-owned company's gains "rape".
Other presidential candidates criticized Petrobras' mega profit. This is because there have been constant readjustments in the prices of petroleum-derived fuels. The last one happened this Tuesday (10), when diesel jumped from R$ 4,51 to R$ 4,91. Gasoline, on the other hand, has contributed to the rise in inflation, weighing on the Brazilian consumer's pocket at a price of more than R$ 7 per liter at gas stations. Fuel prices had been unchanged for 60 days.
Petrobras says profit is the result of operational efficiency
José Mauro Ferreira Coelho claims that Petrobras' billionaire profit, surpassing the largest oil companies on the planet, has nothing to do with the readjustments in fuel prices. The representative of the state-owned company says that 80% of the gains in this period came from the oil exploration and production activity and 20% from the other segments.
Em article published in Agência Brasil, Coelho says that “a good result by Petrobras also has repercussions for society as a whole. This generates investments in health, sanitation, transport and a series of other important investments”. It's what we expect!
This year more than R$ 70 billion were paid to the Union in taxes. According to the president of Petrobras, each R$ 1 billion invested by the state-owned company generates around 10 jobs. The last time the price of a barrel of oil on the international market surpassed US$ 100 was in the first quarter of 2014 (US$ 108).
At that time, according to Coelho, Petrobras did not have results like they are now. “It is not simply a matter of high oil prices, but rather an issue of efficient management, committed to the search for results, cost reduction”, he said.
Between the first quarter of 2014 and the first quarter of 2022, Petrobras reduced debt from US$160 billion to less than US$60 billion (65% reduction).
In the 1st quarter, Petrobras sold 543 thousand barrels per day, generating US$ 4,8 billion. Exports increased by 23%. This increase in sales abroad and the fact that the state-owned company is responsible for supplying most of the oil refined in the country also contributed to the success in profits.
