Petrobras Announced Significant Jump in Q3 Profits

SEATTLE (Oil Monster): Brazilian state-run petroleum industry company Petrobras announced results for the third quarter of 2024.

The company posted a net profit of 32.6 billion reais for the quarter ended in September. This is significantly higher by 22% when compared with the prior year quarter. The adjusted EBITDA stood at 63.7 billion reais, down marginally by 3.8% year-on-year. In the meantime, the company’s net revenue from sales increased by 3.8% to 129.6 billion reais during the third quarter of the current year.

Petrobras reduced its financial debt by 2.1% in the last quarter, to around US$ 25.8 billion, which is the lowest level since 2008. The gross debt was also reduced by 0.8%, to US$ 59.1 billion, said a company press release.

The firm invested around $4.5 billion in Q3 this year, mainly on exploration and production. This is more than 31% when compared with the investment during the same period in 2023. Also, the company’s board of directors approved 17.12 billion reais in dividends, which will be paid in two instalments in February and March next year.

Magda Chambriard, CEO, Petrobras highlighted that the company reported significant net income in the quarter, with strong cash generation and a reduction in both financial and gross debt, all in the midst of challenging market conditions.