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Petrobras obtains net profit of US$ 8.8 billion in the 3rd quarter of 2022

Company presents consistent results, with a powerful cash flow generation, controlled debt, and record contribution to society

Published in 03/11/2022 at 19:56:13

FPSO Anna Nery

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Petrobras maintained, in the 3rd quarter of 2022, the high financial and operational performance that it has been showing in its latest results, reporting a net profit of US$ 8.8 billion, the 4th highest quarterly net profit in the company’s history. Other highlights of the quarter are the operating cash flow and free cash flow generation, which totaled US$ 12.1 billion and US$ 10.1 billion, respectively; and the adjusted EBITDA, of US$ 17.4 billion.

In line with the commitments to distribute the generated results and to the company’s financial sustainability, Petrobras’ Board of Directors approved the payment of compensation to shareholders (dividends and Interest on Shareholders’ Equity) referring to a total of BRL 3.35 per share, to be paid in two installments, on Dec 20, 2022, and Jan 19, 2023, respectively. Thus, Petrobras shares its financial gains with the Brazilian society, including the Union, the controlling shareholder, which will receive a total of BRL 16 billion.

“These results demonstrate, once again, the high level of performance achieved by Petrobras. With capital discipline, investing in resilient assets and with adequate return rates, the company has been able to perform in a sustainable manner”, highlighted the president of Petrobras, Caio Mário Paes de Andrade.

Return on capital employed (ROCE) reached 15% in the 3rd quarter of 2022, a significant increase from 12.8% in the previous quarter. The company paid, in the period, BRL 73 billion in taxes and government takes at the federal, state, and municipal levels. This amount sets a record in the contribution to society in the company’s history.

In the 3rd quarter of 2022, Petrobras’ investments totaled US$ 2.1 billion, while, in the first nine months of the year, investments reached US$ 7.0 billion, a growth of 14% in comparison to the same period in 2021.

Petrobras’ gross debt stood at US$ 54.3 billion, a healthy level for companies in the Petrobras segment and size. In the period, the company carried out the largest issue of commercial notes ever carried out in Brazil, successfully opening a new alternative for domestic funding, in the amount of BRL 3 billion. The reduction in the gross debt was reflected in a decrease in the number of days of operating cash flow needed to pay interest. Currently, in 14 days the company generates enough operating cash flow to pay interest; this number was greater than that of a quarter, about 102 days, in 2016.

Amongst the results by business segment, it is worth mentioning the 33% growth in the adjusted EBITDA of the Gas and Energy area. This result was mainly due to the increase in the segment’s trade margins, with the improvement in the natural gas sales portfolio and the lower need for LNG.

Petrobras also presented significant results in the reduction of greenhouse gas emissions. In the first nine months of 2022, the E&P carbon intensity was 15.1 kilograms of CO2 equivalent per barrel of oil equivalent (kgCO2e/boe) produced, considerably below the target of 16.5 stipulated for 2022. The carbon intensity in refining is 37.8 kgCO2e/boe produced, also below the target of 39.2 for the year 2022.

The first portfolio of projects of the Petrobras Decarbonization Fund was also approved by the Board of Directors, with a potential to reduce emissions in 1.05 million tCO2 per year (equivalent to the emissions of 2 FPSOs or 1⁄2 refinery). The fund was created to finance actions to mitigate greenhouse gas emissions and contribute to Petrobras’ trajectory of carbon neutrality.
Read the full Financial Performance Report for the 3rd Quarter of 2022 here.

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