Brazil Oil Firm Petrobras Posts 6% Decrease in Q4 Net Recurring Profit
03.08.2024 By Tank Terminals - NEWS

March 8, 2024 [Reuters]- Brazilian state-controlled oil firm Petrobras (PETR4.SA), opens new tab posted on Thursday a 6.3% fall in its fourth-quarter net recurring profit from a year earlier.


The company reported net recurring profit of 41 billion reais ($8.31 billion) for the quarter ended in December. Analysts polled by LSEG were expecting a profit of 35.3 billion reais.

For the full year 2023, the firm’s net recurring income of 136 billion reais topped the 125 billion reais estimate of analysts polled by LSEG, but was a decrease of 24.2% from the year before.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter shrank 8.5% to 66.85 billion reais, below the estimate of analysts polled by LSEG, who predicted 76.3 billion reais.

Petrobras’ sales revenue totaled 134.3 billion reais in the quarter, down 15.3% year-on-year.

In 2023, investments totaled $12.7 billion, a 29% increase over 2022, mainly due to more expenditures on its pre-salt oil fields, the firm said. CAPEX was still 21% below planned for the year.

In a separate filing, Petrobras said its board authorized sending to shareholders approval 14.2 billion reais in dividends, paying shareholders 1.09894844 reais per share.

The company will pay a first installment to shareholders in May and a second one in June.

The firm also informed the market it repurchased 2.7 billion reais in shares in the fourth quarter.

In January Petrobras said its output rose to 2.78 million barrels of oil equivalent per day (boepd) in 2023, up 3.7% from 2022.

Commercial production of oil and natural gas reached 2.44 million boepd, while oil production alone totaled 2.24 million barrels per day (bpd), the company said, attributing the result to last year’s ramp-up of four offshore platforms.


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