In the third quarter, Petrobras' investments totaled US$ 2,6 billion, 75% of which was earmarked for capital investment.

This Thursday, October 24, Petrobras reported that it had a net profit of BRL 9 billion in the third quarter of 2019. The result represented a significant increase of 36% compared to the same period of 2018. According to international studies released this week, the state-owned company will continue to dominate the deployment of global FPSOs over 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 liquid (NGL) production in Brazil grew 16,9% over the same period in 2018, to 2,264 million barrels per day (bpd), amid the development of extraction on new platforms, especially in the pre-salt.

The “capital gain from the sale of BR Distribuidora” also helped boost the result. In July, Petrobras announced the sale of control of BR for R$ 9,6 billion.

In a statement, Petrobras stated that “In terms of the composition of sales revenue, diesel remains the most relevant product, representing 51% of revenues from sales of derivatives in the domestic market, an increase of 2,6% compared to the quarter previous quarter, followed by gasoline, with 20% of sales, a decrease of 8,7% in relation to the previous quarter”,

A companhia had an increase in expenses of R$ 7 billion (19,1%) in relation to the previous three months. According to Petrobras, this increase in expenses occurred “mainly due to the increase in logistical expenses for the use of gas pipelines”.

Exploration expenses for oil and gas extraction were R$276 million, a 30% reduction compared to the previous quarter.

The company ended the third quarter with net debt of US$ 75,4 billion – which represents a reduction of 9,9% in comparison with the US$ 83,674 billion of 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 debt securities abroad, including the exchange of securities, was “essential for the continuous reduction of the debt” and generated a positive balance of R$ 2,6 billion (or US$ 665 million), informed the state-owned.

In the third quarter, the company's investments totaled US$ 2,6 billion, with 75% destined for capital investment.

Capital investment is used to expand the capacity of existing assets and expand production. It also includes acquisitions of assets or companies and in exploratory activities.

The amount invested between July and September represents 33,2% in relation to the same period last year (US$ 3,908 billion) and stable compared to the previous quarter (US$ 2,595).

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