(Petrobras, 7.Nov.2024) — Petrobras Chief Financial and Investor Relations Officer Fernando Melgarejo commented on the Brazilian company’s financial performance in the third-quarter 2024.
“In this third quarter of 2024, we achieved consistent financial results amid a context of declining Brent prices, which we were able to offset with higher sales volumes of oil products. We maintained strong cash generation of US$11.3bn, up 24% from the previous quarter, sustained by the quality and performance of our assets. In 3Q24, we had no significant impact from non-recurring items, unlike in 2Q24. As a result, we recorded a net profit of US$5.9bn and recurring EBITDA of US$11.6bn.
We are also pleased to announce that we made investments of US$4.5bn in this third quarter, around 30% more than last quarter. In the first nine months of the year, Petrobras investments amounted to US$10.9bn. This demonstrates our commitment to delivering our projects and executing our Strategic Plan with diligence.
Evidence of this commitment is reflected in the early start-up of Maria Quitéria FPSO. Exactly 15 days later, FPSO Marechal Duque de Caxias started operating on October 30. Also in October, FPSO Almirante Tamandaré arrived in Brazil. This effort to execute and even anticipating deadlines deadlines will translate into accelerated revenue generation as these assets reach full capacity and in the increased supply of energy to the country. We are committed to Petrobras’ growth and to creating value for shareholders and Brazilian society,” Melgarejo said.
Main highlights
• Strong operating cash generation of US$11.3bn, among the six best quarters, and Free Cash Flow of US$6.9bn
• Consistent results: Recurring EBITDA of US$11.6bn and Recurring Net income of US$5.9bn
• Financial debt reached US$25.8bn, the lowest level since 2008. Gross debt is under control at US$59.1bn, within the range established in our Strategic Plan
• Capex totaled US$10.9bn in 9M24, an increase of 19.5% compared to 9M23
Contributions
• Return to society with payment of R$ 64.4bn in taxes
• Approval of dividends and interest on equity of R$ 17.1bn, to be paid in two installments (Feb. and Mar.)
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