Petrobras Reports 1Q:24 Financial Performance

Instant Max AI Immediate Frontier

(Petrobras, 13.May.2024) — In 1Q:24, Petrobras said its net revenue fell 12% compared to 4Q23, mainly influenced by lower revenue from diesel sales in the domestic market and exports.

The reduction in revenue from oil products in the domestic market was mainly due to lower prices, the seasonality of consumption, the increase in the biodiesel content in the diesel blend and the loss of competitiveness of gasoline to hydrated ethanol.

The lower revenue from the sale of oil on the domestic market resulted from lower sales volumes for Acelen, alongside lower prices.

Main highlights:

— Consistent results: adjusted EBITDA of $12.1bn, Operating Cash Flow (FCO) of $9.4bn and Net profit of $4.8bn.

— Financial debt at $27.7bn, the lowest level since 2010. Gross debt is under control at $61.8bn, within the range established in our Strategic Plan.

— Return to society with payment of R$68.2bn in taxes.

— In line with our commitment to distributing the results generated and the company’s financial sustainability, shareholder remuneration for 1Q24 totaled R$14.60bn, including R$1.15bn in share buybacks and R$13.45bn in dividends and interest on capital.

— Production milestone in Búzios: cumulative production of 1 billion barrels of oil with five platforms: P-74, P-75, P-76, P-77, and Almirante Barroso.

— High utilization of the refining facilities with value generation: utilization factor reached 92% with a yield of 67% for diesel, jet fuel, and gasoline.

— Expansion of the offer of more sustainable products: start of marketing of R5 diesel with renewable content and establishment of a partnership for the sale of CAP Pro W asphalt.

— Acquisition of I-RECs (Renewable Energy Certificates): certifies that all the electricity acquired by Petrobras for the development of its activities has been generated by renewable sources (neutrality of scope 2 emissions in 2023).


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