Petrobras posts net profit of BRL 23.7 bi in 1st quarter of 2024
Petrobras made a net profit of BRL 23.7 billion in the first quarter of 2024, down 23 percent from the fourth quarter last year. The outcome is reported to come as a result of the currency devaluation late in the year, coupled with lower sales of oil and its derivatives, “something common in the first quarter of the year, when there is less demand for diesel and a reduction in the price of oil and the diesel margin.”
Devaluation has an impact on the financial statements, but it does not affect the company’s cash flow, said Financial and Investor Relations Director Sergio Leite
In the first quarter of the year, investments were said to total $3 billion. Financial debt in the quarter fell by $1.1 billion to $27.7 billion. Gross debt remained at $61.8 billion, including leases.
Jean Paul Prates, president of the state-owned company, stressed its commitment to enforcing investment plans and generating value for shareholders. “The financial and operational data of Petrobras in the first quarter of 2024 are consistent with the company’s path to fulfilling its Strategic Plan (2024–28) in an efficient and sustainable manner. In the quarter, we maintained consistent cash generation, which gives us security over future investments, including those focused on the growth of the company’s production,” he stated.
In the case of production in the quarter, the average of oil, liquefied natural gas, and natural gas reached 2.776 million barrels of oil equivalent per day, up 3.7 percent from the same time span last year.
