The president of Petrobras, José Mauro Ferreira Coelho, said today (6), in Rio de Janeiro, in an online press conference, that there is no significant relationship between the company’s results and the readjustment of fuel prices. The state had profit of BRL 44.5 billion in the first quarter of this year. Coelho explained that 80% of the gains in the period came from the oil exploration and production activity and 20% from the other segments.
According to the president of the state-owned company, in the first quarter of 2022, Petrobras paid in taxes to the Union, states and municipalities one and a half times the value of its net profit. “A good result for Petrobras also has repercussions for society as a whole. This generates investments in health, sanitation, transport and a series of other important investments”.
Coelho said that, in the first quarter of this year, in taxes and government participation, more than R$ 70 billion were paid. According to the president, every R$ 1 billion invested by Petrobras generates around 10 thousand jobs. “So, it’s employment and income generation in the veins”.
Management
Regarding the result for the first quarter, Coelho said that the last time the price of a barrel of oil in the foreign market was above US$ 100 was in the first quarter of 2014, when the price reached US$ 108. He analyzed that, even with the average price of US$ 108 a barrel, Petrobras did not have, at that time, results as registered now. “Because it is not simply a matter of high oil prices, but a matter of efficient management, committed to the search for results, cost reduction”.
The president said that between the first quarter of 2014 and the first quarter of 2022, Petrobras had a debt reduction from US$160 billion to less than US$60 billion, a 65% reduction in interest payments from financing, 30% reduction in oil and natural gas production, 60% decrease in administrative expenses, more than half decrease in oil extraction costs and 30% reduction in refining costs. Coelho said that the company currently has management committed to results and cost reduction.
The president of Petrobras said that the increase in oil prices around the world, in the first three months of this year, was reflected in the profits of all the major global oil companies. He also highlighted that of the approximately 800,000 Petrobras shareholders, 700,000 are Brazilian. Regarding the issue of prices, Coelho considered the President of the Republic’s concern regarding higher fuel prices to be legitimate, “which happens all over the world” and results in the concern of all government leaders. “On the other hand, due to a duty of care, the managers of Petrobras and of all publicly traded companies must act in line with the company’s current pricing policy”.
The president highlighted, on the other hand, that Petrobras is not insensitive to Brazilian society, especially in atypical times such as the current one, in which the conflict in Eastern Europe ends up having a great impact on energy markets, especially now, the diesel market. “Petrobras monitors market prices, but we do not immediately pass on this momentary volatility. But, of course, at certain times, readjustments must be made so that we maintain the financial health of our company”.
readjustment
Fuel prices are 57 days without readjustments. The Director of Marketing and Logistics, Cláudio Mastella, clarified that there is no limit set for a new adjustment and that there is no risk of shortages, because the market is supplied both by Brazilian refining and by imports from Petrobras and third parties. “Inventories are comfortable,” he assured.
According to Mastella, Petrobras monitors international markets and evaluates collective prices. He clarified that the company avoids passing on price volatility to the domestic market because, every day, there may be situations of lag up or down. “We are waiting for the lag to stabilize at a level to then implement changes”.
