Petrobras made a net profit of BRL 23,7 billion in the first quarter of 2024

Petrobras reached net profits of BRL 23,7 billion in the first quarter of 2024 (Q1Y24). In that period, an Operating Cash Flow (OCF) of BRL 46,5 billion was recorded, and the EBITDA was adjusted to BRL 60 billion. The company's indebtedness that quarter dropped from USD 1,1 billion to USD 27,7 billion—the lowest level of indebtedness since 2010—the gross debt leveled off at USD 61,8 billion, including leases. The data are some of the Q1Y24 Financial Results published this Monday night (5/13).

"We're committed and dedicated to making and funding the estimated investments with disciplined capital and value addition to shareholders and society. Petrobras's financial and operating data in the first quarter of 2024 are consistent with the company's plans to fulfill its Strategic Plan (2024-28) efficiently and sustainably. In that quarter, we maintained consistent cash generation, which gives us security for future investments, including those focused on the company's growing production," says Petrobras's President, Jean-Paul Prates.    

Petrobras paid BRL 68,2 billion in taxes back to society at the time. A dividend payment of BRL 13,4 billion was proposed for that quarter.

The net profit of BRL 23,7 billion dropped by 23% concerning Q4Y23. The factors that influenced this result were a poorer financial result impacted by the foreign exchange depreciation at the end of the period and a lower volume of oil and byproducts—something usual in the year's first quarter because of the lower demand for diesel, as well as a decrease in oil prices and diesel margin. "The foreign exchange depreciation of the Brazilian currency (real) with lower volumes of oil and byproducts sold, oil price, and diesel margin had an impact. When the foreign exchange depreciation occurs, the financial statement fluctuates according to the foreign exchange oscillation (accounting rule). This doesn't affect the company's cash tough," explains the Financial and Investor Relationship Director, Sergio Leite.

Quarterly investments

A special piece of information about the Q1Y24 results is the number of investments made by the company, which amounted to USD 3 billion (roughly BRL 15 billion), in the following segments: Exploitation and Production; Refining, Transportation, and Sales; and Gas and Low-Carbon Energies. As to Exploitation and Production, USD 2,5 billion was invested in developing significant projects that will support the next year's production curve. The pre-salt investments in the Santos Basin (USD 1,3 billion), particularly in the Búzios and Mero fields, are considerable, including the pre-and post-salt projects for the Campos Basin (USD 600 million), particularly the fields of Jubarte, Marlim, and Raia Manta and Pintada, and exploratory investments (USD 200 million).

The investments amounted to USD 360 billion for the Refining, Transportation, and Sale segment, particularly for scheduled refinery downtimes and the REPLAN's new HDT. The investments in Gas and Low-Carbon Energies amounted to USD 100 million, particularly for the Route 3 Natural Gas processing unit.    

Performance and efficiency milestones

Petrobras's average oil, LNG, and natural gas production in Q1Y24 reached 2.776 million barrels of oil equivalent per day (boed), a 3.7% increase compared to the same period's output in the previous year (Q1Y23). Among the main factors for this variation is the development of the production (ramp-ups) of the FPSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi, and Sepetiba, as well as the startup of 19 new supplementary project wells in the Campos Basin (11) and Santos Basin (8).

Another quarter-long milestone occurred in Búzios. The shared field produced one billion barrels of oil with five platforms: P-74, P-75, P-76, P-77, and Almirante Barroso. This production is a milestone for the sector.

Petrobras reached 92% FUT in the refining park, with 67% Diesel, QAV, and Gasoline yield, representing a high use with operational efficiency and value addition.   
 
The higher offer of more sustainable products was also highlighted, as Diesel R5 (with renewable content) started being sold in São Paulo, and new partnerships were forged to sole the CAP Pro W asphalt.

Check all the results for Petrobras in Q1Y24.