Petrobras profits R$ 46.1 billion in the third quarter

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Petrobras had a profit of R$ 46.1 billion in the third quarter of 2022. It is the fourth largest ever recorded by a Brazilian company, according to data compiled by Einar Rivero, from TradeMap, in values ​​adjusted for inflation.

Profit was lower than in the second quarter, reflecting the drop in oil prices in the period, but 48% higher than in the same quarter of the previous year. In 2022, the accumulated profit of the state-owned company totals R$ 145 billion.

As a result, the company’s board of directors approved the distribution of BRL 43.7 billion in dividends related to the performance of the quarter, totaling BRL 180 billion in resources to shareholders in 2022.

The high remuneration for shareholders has helped the government to pay for social benefits approved in the pre-election period, but they have been criticized by the opposition. This Thursday (3), union associations announced that they will question the values ​​in court.

In the text that accompanies the balance sheet, the CFO of Petrobras, Rodrigo Araújo, defends the strategy of the state-owned company and the practice of prices aligned with the international market, although the company has been holding gasoline readjustments for more than a month.

“The numbers make clear the value that a company can generate for society and its shareholders, by making the right choices”, wrote Araújo. “Without market prices, there is a risk of product shortages, with obvious negative consequences for society as a whole.”

It was the first quarter under the management of Caio Paes de Andrade, who took office at the end of June with the mission of “giving new dynamics” to fuel prices, according to President Jair Bolsonaro (PL). The mission was facilitated by the drop in international quotations in relation to the previous quarter.

According to an estimate by Abicom (Brazilian Association of Fuel Importers), however, the recent rise in oil led to high lags. At the opening of the market on Thursday, the average price of gasoline at Petrobras refineries was 13%, or R$0.47 per liter, below international quotations.

In the third quarter, despite the 11.4% drop in Brent oil prices compared to the previous quarter, Petrobras sold its fuel at the record average price of R$692.97 per barrel, 4.1% higher than in the second quarter and 64.2% above the third quarter of 2021.

With better prices, the state-owned company’s revenue grew 39.9% in the annual comparison, to R$ 170.7 billion. Ebitda, an indicator that measures cash generation, rose 50.5% on the same basis of comparison, to R$91.4 billion.

Sales growth also helped drive revenue and cash generation. In the third quarter, revenue from fuel sales grew 10.1% compared to the previous quarter and 47.6% in the annual comparison.

The state-owned company’s gross debt, an indicator that helps define the distribution of dividends, stood at US$ 54.2 billion (R$ 282 billion, at the average exchange rate for the quarter). The shareholder compensation policy says the company can distribute up to 60% of the cash flow difference when debt is below $65 billion.

This Thursday, associations linked to oil workers’ unions promised to go to court to try to reverse the approval of dividends on the eve of the change of government. The value was also criticized by PT president Gleisi Hoffmann.

“It is important to highlight that Brazilian society receives around 37% of this total [de dividendos]the largest individual installment, in addition to benefiting from the payment of taxes, in the amount of R$ 73 billion in the third quarter”, defended the Financial Director of Petrobras.

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