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Petrobras Surprises With Debt Above R$ 330 Billion and Drop in Cash Flow, Alarming Investors. Check How These Numbers Affect the Future of the State-Owned Company.
Petrobras, the giant of Brazilian Oil, saw its net debt rise to US$ 46.1 billion in the second quarter of 2024, an increase of 9.4% compared to the previous year. This data was disclosed in a report sent to the Securities and Exchange Commission (CVM) on Thursday night (8).
This growth reflects the economic pressure the state-owned company faces, impacted by variables from the global oil market and by the government’s actions, which started 2024 with a historic deficit of R$ 2.9 billion in federal state-owned companies, in addition to a surprising debt of R$ 9.4 billion compared to the same period of the previous government.
Petrobras’ Gross Debt Reached US$ 59.6 Billion on June 30
Furthermore, Petrobras’ gross debt reached US$ 59.6 billion on June 30, recording a 2.9% increase compared to the same period in 2023. However, it is interesting to note that despite this increase, there was a 3.6% reduction compared to the end of March. This is partly due to the increase in the average maturity of the debt, which rose from 11.3 years in the first quarter to 11.76 years in the second.
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The average cost of debt also had a slight variation, increasing from 6.5% to 6.6% per year, an indication of how the market is pricing the company’s risk in a challenging economic scenario.
Apart from the debt, Petrobras also increased its investments, which totaled US$ 3.4 billion in the second quarter of 2024, representing a 4.7% increase compared to the same period of the previous year. This move reflects the state-owned company’s ongoing pursuit of strengthening its market position, despite the challenges posed by economic and political conditions. This investment is crucial for Petrobras to maintain its operational capacity and competitiveness in a globalized market.
4.7% Drop in Petrobras’ Free Cash Flow: The Key Indicator for Dividend Calculation Was R$ 31.8 Billion Between April and June 2024.
On the other hand, Petrobras’ free cash flow, a key indicator for dividend calculation, was R$ 31.8 billion between April and June 2024. This figure represents a 4.3% decrease compared to the second quarter of 2023 and a reduction of 1.7% compared to the first quarter of this year.
This decline in free cash flow highlights the challenges the state-owned company faces in maximizing cash generation in a scenario of volatile oil prices. The average price of Brent crude oil, used as a reference, was US$ 84.94 in the second quarter, an increase of 8.4% year-on-year.
Regarding sales of derivatives, Petrobras recorded a 1.5% drop in the second quarter of 2024 compared to the same period in 2023, totaling R$ 71.8 billion. Despite this annual decrease, there was a 3.5% increase compared to the first quarter of 2024. This quarterly growth was driven by higher prices implemented, especially in the sale of naphtha and aviation kerosene (QAV), in addition to an increase in the volumes sold of diesel, reflecting the increase in economic activity and seasonality of consumption.
Revenue From Diesel and Gasoline Sales
Revenue from diesel sales totaled R$ 36.4 billion in the second quarter, an increase of 3.7% compared to the same period last year and 3.8% above the figures recorded in the first quarter of 2024. Revenue from gasoline was R$ 16 billion between April and June, a decline of 14.4% compared to the second quarter of 2023, but a slight increase of 0.9% compared to the first three months of this year.
The overall utilization factor (FUT) of Petrobras’ refineries was 91% from April to June, lower than the 93% recorded in the same period of 2023. However, for the semester, the FUT remained at 91%, two percentage points above the average of the first semester of last year, demonstrating operational resilience amid the challenges faced by the state-owned company.
Even Globo Had to Admit the DEFICIT in State-Owned Companies
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O que está acontecendo?? Uma nova lava jatao?? Assistidos da PETROS estão recebendo contracheque zerado.em virtude da dedução do plano de saúde da petroleira que foi reajustado em 200%.
Esperar o que sobre administrações petistas ao longo do tempo roubo déficit na administração e o pior defeito dos **** é Mentira que não houve desvios o presidente já não sabe como perdeu o dedo