Value is lower compared to the performance of the last quarter of 2022, when the state-owned company profited R$ 43.3 billion
Petrobras recorded net income of R$ 38.1 billion in the 1st quarter of 2023. This value is below the performance of the last quarter of 2022, which was R$ 43.3 billion. Here’s the full (1.1 MB) balance sheet. On the same day, the company informed that it will pay R$ 24.7 billion in dividends, equivalent to R$ 1.89 per share.
The company’s total revenue was R$ 139 billion, a drop of 12% compared to the 4th quarter of 2022. According to the state-owned company, the main reason for this decrease was the 8% devaluation of Brent oil.
The pre-salt accounted for 77% of Petrobras’ total production in the quarter, and in February, the pre-salt broke a monthly production record, with 2.13 million barrels of oil equivalent per day.
In a statement, the president of the state-owned company, Jean Paul Prates, said that he had partnered with Equinor and Shel to analyze new projects focused on renewable energies and that he is also evaluating the creation of working groups with other companies to seek business opportunities in the Brazil and abroad in this market.
Revenue from oil products in the domestic market decreased by 15%, also influenced by the lower sales volume in the quarter, due to lower demand for diesel and gasoline.
The adjusted Ebitda (acronym in English for earnings before interest, taxes, depreciation and amortization) was R$ 72.5 billion, the fourth highest in the history of Petrobras.
Diesel, gasoline and QAV (aviation kerosene) reached a 67% share in the company’s total production.
In the 1st quarter of 2023, Petrobras had a free cash flow of BRL 41.2 billion. The value of the company’s divestments added up to R$ 9.6 billion in the period. Investments made by the company in the period amounted to R$ 12.6 billion.
On the last day of March, Petrobras’ gross debt was US$53.3 billion, down 0.8% compared to the last day of 2022. It was the lowest level since 2010. The average debt term was 12 years.
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