Petrobras reached a net profit of R$ 54.3 billion in the second quarter of this year. The result was announced this Thursday (28), credited to strong cash generation, reflecting the operational performance and the increase in the oil market price.
The financial and investor relations director, Rodrigo Araujo Alves, stressed that the results show the resilience and solidity of the company, which is capable of generating sustainable results, following its trajectory of value creation.
“In line with our commitment to distribute our results, we approved shareholder remuneration of R$6.73 per common and preferred share. Additionally, we paid a total of R$77.3 billion in taxes and government participation in the second quarter. In the year, it was about R$ 147 billion, an increase of 92% compared to the first half of last year”, said Alves.
According to Petrobras, net income in the quarter mainly reflected the appreciation of the price of Brent oil in the period. The result was also impacted by the capital gain of R$14.2 billion related to the co-participation agreement in Sépia and Atapu.
“Disregarding special items, recurring net income in the quarter was R$45 billion. These factors also explain the growth in recurring EBITDA (earnings before interest, taxes, depreciation and amortization) to R$99.3 billion (+27% compared to the first quarter of 2022) and free cash flow to BRL 63.4 billion (+57% compared to the first quarter of 2022)”, highlighted the state-owned company.
Pre-salt
The advance of pre-salt oil production, increasing the share of the oil and gas exploration and production (E&P) segment in the company’s results, together with portfolio management and efforts to improve efficiency, makes its results are more positively exposed to favorable oil price scenarios.
“The perceived improvement in results, measured by the return on capital, is in line with the risks involved in this business segment (E&P) and brings Petrobras’ profitability – historically lower – closer to the average of its peers”, explained the company.
dividends
Petrobras highlighted that the activities generated significant returns for society, through dividends and the payment of taxes. In the first half of 2022 alone, Petrobras has already paid BRL 179 billion to the public coffers, with BRL 147 billion in taxes and government participation and around BRL 32 billion in dividends to the Union, paid until July. Payments of dividends and taxes to the public administration, when added together, exceed the amount of reported profit in the period.
With the approval of a new installment of dividends announced this Thursday, the value of the remuneration of its majority shareholder – the Union – will total R$ 64.1 billion this year.
“The proposed dividend is in line with the Shareholder Remuneration Policy, which provides that, in the event of a gross debt of less than US$ 65 billion, Petrobras will be able to distribute to its shareholders 60% of the difference between operating cash flow and acquisitions of fixed and intangible assets (investments). In addition, the Policy also provides for the possibility of paying extraordinary dividends, as long as the company’s financial sustainability is preserved”, stressed the state-owned company.
The complete financial performance report for the second quarter can be accessed on the company on the internet.
