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Petrobras announces investments of US$3,1 billion in the second quarter, which generate greater economic development and the generation of jobs and income for Brazilians.
Petrobras informed the market last night (31/07) that the strong cash generation together with the increase in the oil market price, reflected the company's operating performance and allowed for the expansion of the distribution of generated results and the payment of taxes and government participations to society.
Once again the Brazilian oil giant achieved solid quarterly results. According to the CFO and Investor Relations Director, Rodrigo Araujo Alves, “the results for the second quarter of 2022 show the resilience and solidity of the company, which is capable of generating sustainable results, continuing its trajectory of value creation. In line with our commitment to distribute our results, we approved shareholder compensation of R$6,73 per common and preferred share. Additionally, we paid a total of R$77,3 billion in taxes and government take in the second quarter. In the year, they were around R$ 147 billion, an increase of 92% compared to the first half of last year”.
Petrobras says that its net profit in the quarter was R$ 54,3 billion, mainly reflecting the appreciation of the price of oil (Brent) in the period. Additionally, the company's result was positively impacted by the capital gain of R$ 14,2 billion related to the co-participation agreement in Sépia and Atapu.
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The state-owned company also states that, if the special items are not considered, the recurring net profit in the quarter was R$ 45 billion. These factors also explain the growth in recurring EBITDA to R$99,3 billion (+27% vs 1Q22) and free cash flow to R$63,4 billion (+57% vs 1Q22).
Petrobras generates a significant return for Brazilian society through dividends and the payment of taxes
Petrobras' activities generated a significant return for Brazilian society through dividends and the payment of taxes. In the first half of 2022 alone, Petrobras has already paid BRL 179 billion to the public coffers, BRL 147 billion of which in taxes and government participation and around BRL 32 billion* in dividends to the Union (paid until July). Therefore, payments of dividends and taxes to public administration, when added together, exceed the amount of income reported in the period.
With the approval of the new installment of dividends announced, the value of the remuneration of its majority shareholder – the Union – will add up to R$ 64,1 billion* this year.
The proposed dividend is in line with the Shareholder Remuneration Policy, which provides that, in case of gross debt of less than US$ 65 billion, Petrobras may distribute to its shareholders 60% of the difference between operating cash flow and asset acquisitions property, plant and equipment and intangibles (investments). In addition, the Policy also provides for the possibility of paying extraordinary dividends, provided that the company's financial sustainability is preserved.
In addition to the payment of taxes and dividends, investments of US$ 3,1 billion in the second quarter, 74% above the 1T22, mainly due to the impact of the signature bonus related to the Sépia and Atapu fields. They are resources for investments made with responsibility and that generate greater economic development and generation of jobs and income for Brazilians.
