Brasília – Despite the worsening of the COVID-19 pandemic in the country, the Brazilian oil company Petrobras obtained a net profit of BRL 1.2 billion (equivalent to USD 227 million) in the first quarter of 2021. According to the company’s president, Joaquim Silva e Luna (pictured above), “Petrobras presented a solid result. During this period, we overcame the challenges of this complex scenario, with security, progressive actions, and respect for the environment, shareholders, and society in general, generating significant value for the company,” he said.
In a news release, the company reported that the first quarter of the year was positively impacted by the increase in oil prices and lower recurring operating expenses. The company explained that the expressive cash flow (BRL 31.1 billion, equivalent to USD 5.9 billion of positive free cash flow) and the cash inflow from the sale of assets (BRL 1.1 billion, equivalent to USD 210 million) enabled the maintenance of the planned investments and the strong deleveraging, despite the scenario.
During the quarter, Petrobras reduced its gross debt by USD 4.6 billion. As a result, the company came down to USD 68 billion in gross debt, coming close to the USD 67 billion target set for the end of 2021. Regarding operating results, in the first quarter of 2021, Petrobras increased its production of oil and natural gas by 3% compared to the last quarter of 2020. Highlights for the increase in production in the pre-salt, which represented 69% of the total production of the Brazilian company.
Translated by Elúsio Brasileiro
