Due to the impacts resulting from the new coronavirus and the oil price shock, Petrobras announced yesterday, April 28, that it would conclude 2020 with gross debt of US$87 billion, the same level as at the end of 2019. Petrobras announces binding phase for the sale of biodiesel plants
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The goal set by Petrobras' Board of Directors approved the review of the top debt metric contained in the 2020-2024 Strategic Plan, replacing the net debt/EBITDA indicator with the gross debt indicator.
“The approved gross debt target for 2020 is US$ 87 billion, the same level at the end of 2019, due to the adversity in the current global scenario, due to the impacts resulting from the COVID-19 (coronavirus) pandemic and the price shock of oil”, informed the state-owned company.
The indication of gross debt as the top metric reduces the impact of Brent price volatility and reflects more directly the company's indebtedness and more precisely the company's management actions such as: cost reduction, review of the investment portfolio and working capital adjustments.
It should be noted that the company continues to pursue the reduction of gross debt to US$ 60 billion. This amount is in line with the new dividend policy already announced, which provides for an increase in shareholder remuneration when gross debt reaches this level or is lower.
.Petrobras ensures that the safety metric has not been changed, and that the target rate of recordable accidents per million man-hours (TAR) remains below 1,0, with the ambition of zero fatalities.
