Petrobras records loss for the first time since 2020; dividends are also announced

Petrobras reported this Thursday (8) that it recorded a loss of R$2.605 billion in the second quarter of this year. It is the first negative result for the state-owned company since the third quarter of 2020, when it had a loss of R$1.5 billion. It is also the company's first financial statement under the command of Magda Chambriard, who took over in June.

The exchange rate variation and the tax settlement – ​​an agreement made with the Federal Government to settle debts – were the reasons given by the company for the loss. Despite this, Petrobras will pay R$13.57 billion in dividends in two windows. The first on November 21, the second on December 20. Shareholders will receive R$0.52660008 per common share.

Official Note

On its website, Petrobras released a positive note about the quarter, despite the loss. The state-owned company highlights the reduction in gross and financial debt, which fell by 3.6% and 5.1%, respectively. In addition, there were “significant investments” according to the company, with a focus on projects involving the pre-salt layer. Current CEO Magda Chambriard presented Petrobras' positive achievements in the quarter in a note:

“… We have significant cash generation, which demonstrates how much value we can generate with our operations. We have a controlled level of debt, in line with what is foreseen in our Strategic Plan. With good cash flow and low debt, we are investing in our production of oil, gas and derivatives, in replenishing reserves and in the energy transition, in order to guarantee Petrobras' sustainability in the long term.”

She also justified the quarter's loss:

“Non-recurring events, such as the tax agreement with the Ministry of Finance, which brought significant advantages to the company and the Union, and the marked exchange rate volatility in the period, with no effect on the company's cash or equity, impacted the company's internal accounting, also affecting the quarter's results.”

_{Created in 1953, Petrobras owns pipelines, oil tankers, refineries and terminals (Photo: reproduction/Gabriel Xavier/Unplash)}

Quarterly results

The state-owned company also reported positive points in the period. Average barrel production, for example, registered an increase of 2.4% in 12 months. Twelve new stations in the Campos and Santos basin began operations and two new “All Electric” platforms were approved for construction. Sales revenue grew by 3.9% compared to the first quarter of the year.

Featured Photo: Petrobras recorded a loss of R$2.605 billion in the second quarter of 2024 (reproduction/Antonio Lacerda/Agência EFE)