Brazil’s Petrobras profits USD 5.41 bn in Q3

The Brazilian oil company had a drop in net profit. Still, it recorded its sixth-best-ever EBITDA, driven by higher oil exports and lower LNG imports.

From the Newsroom

São Paulo – Brazilian oil company Petrobras reported a net profit of BRL 26.6 billion (about USD 5.41 billion at the current rate) in the third quarter of this year and an adjusted EBITDA of BRL 66.2 billion (about USD 13.46 billion), according to the balance made public this Thursday (9) after market closing. EBITDA (earnings before interest, taxes, depreciation, and amortization), which measures operating results, grew 17% over the year’s second half. Profit was affected by the depreciation of the Brazilian real against the US dollar and was 7.5% lower than in the second quarter.

EBITDA was the sixth-best-ever in Petrobras’ history. The company reported the result was mainly due to the 11% appreciation in the crude oil (Brent) price, greater oil exports, higher sales of oil products in the domestic market, and lower imports of Liquefied Natural Gas (LNG).

“We are working towards Petrobras growth in a sustainable and profitable way. We had an excellent third quarter with operational records in E&P [export and production], refining, and gas processing. We continue with our commercial strategy for fuels, which has proven successful, making Petrobras more competitive in the market while allowing periods of stability for the consumer. And all of this with socio-environmental responsibility, solid and consistent financial results, contributing to society, and rewarding the company’s shareholders,” highlighted Petrobras president Jean Paul Prates.

The company’s investments totaled USD 3.4 billion in the third quarter, 5% above the previous three months. The company’s average oil and gas output increased 9% compared to the second quarter of 2023, reaching 2.88 million barrels of oil equivalent per day (BOE/D) in the period. This result was mainly due to the high operational performance of the pre-salt platforms, according to the company.

Translated by ElĂșsio Brasileiro

AgĂȘncia Petrobras

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