Brazilian paid US$ 12.4 billion, second only to state-owned Saudi Aramco; is the most profitable of the 2nd quarter
THE Petrobras is the 2nd oil company that paid the most dividends to its shareholders in the 1st half of 2022. The state-owned company distributed US$ 12.4 billion, behind only Saudi Aramco. It surpassed the major oil companies ExxonMobil, Chevron, TotalEnergies, Shell, BP and Equinor.
In August and September, Petrobras will pay another US$ 17.2 billion (R$ 87.8 billion, at the current price) to shareholders – above the current policy of distributing up to 60% of free cash flow in the period. Of this amount, the Union will keep US$ 6.34 billion, which should finance the social benefits package approved 3 months before the elections.
Criticized in the 1st quarter because of the billionaire profit, Petrobras has the 5th biggest result of the 2nd quarter among companies in the sector: US$ 11 billion. It trailed state-owned Saudi Aramco and majors shell, Exxon and chevron. It came to occupy the 2nd place in the ranking in the 1st quarter because of the effects of the war in Ukraine on competitors, which reported casualties in the period because of the sale of assets in Russia.
However, Petrobras is the most profitable. Petrobras’ profit over revenue percentage is the highest among oil companies: 32%. The lower operating costs of the pre-salt, due to scale gains, are in the Brazilian’s favor.
The price of a barrel of oil is one of the main reasons for the results. The Brent barrel rose by US$ 22 in the 1st quarter and another US$ 12 in the 2nd. The price of natural gas and refining margins also contributed.
Affected by the recognition of write-offs in the first 3 months of the year, the majors saw their earnings increase by more than 200% in Q2 compared to the same period in 2021. Shell reported a rise of 426.3%, followed by ExxonMobil (280.6%), Equinor (248.1%) and BP (197 ,1%).
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