Petrobras (PETR3;PETR4) profits 54.33 billion in the 2nd quarter, above forecast

Petrobras (PETR3;PETR4) recorded a profit of R$ 54.33 billion in the second quarter of 2022 (2Q22), a figure 26.8% higher than that recorded in the second quarter of last year, the company informed the market on Thursday. (28).

According to the oil company, this increase is mainly explained by the rise in Brent prices in the period, in addition to higher margins for derivatives and natural gas.

Recurring profit totaled R$ 45.039 billion, an increase of 10.1% on an annual basis.

Adjusted earnings before interest, depreciation and amortization (Ebitda) was R$98.260 billion in 2Q22, an increase of 58.6% compared to 2Q21.

Recurring Ebitda totaled R$99.337 billion in 2Q22, an increase of 65.5% compared to 2Q21, mainly reflecting the appreciation of Brent in the period, better results from the sale of derivatives and natural gas and lower volumes of LNG imports.

Net revenue totaled BRL 170.96 billion in the second quarter of 2022, a growth of 54.4% compared to the same period in 2021.

According to the state-owned company, the growth in revenue was mainly due to the 12% rise in Brent, the higher sales volume of oil products and oil products and higher prices for oil products and natural gas, in a context of resumption of global demand for oil and oil products after the critical period of the COVID-19 pandemic and supply impacted by the war in Ukraine.

The projection of the Refinitiv consensus with analysts was for the company to register a profit of R$ 38 billion, Ebitda of R$ 83.27 billion and revenue of R$ 162.39 billion.

Return on capital employed (ROCE) was 12.8% in the second quarter of 2022, an increase of 7.7 pp year-on-year.

The net financial result was negative by R$15.757 billion in the second quarter of 2022, reversing financial gains of R$10.776 billion in the same stage of 2021.

Gross profit reached BRL 95.861 billion in the second quarter of 2022, an increase of 68.2% compared to the same period in 2021.

Petrobras’ operating cash flow reached R$71.804 billion between April and June this year, an increase of 26.9% over the same period last year.

General and administrative expenses totaled R$7.725 billion in 2Q22, an increase of 8.6% over expenses for the same stage in 2021.

As of June 30, 2022, the company’s net debt was US$34.435 billion, a reduction of 35.3% compared to the same period in 2021.

The financial leverage indicator, measured by net debt/adjusted Ebitda, was 0.60 times in June/22, down 0.89 times compared to the same period in 2021.

Revenue per product

In exploration and production, Petrobras achieved revenue of R$101.001 billion in the second quarter of this year, an increase of 58.3% year-on-year.

Revenue from the sale of diesel totaled BRL 52.603 billion in the second quarter of 2022, a growth of 63.9% compared to the same quarter of 2021.

Gasoline revenue was R$21.187 billion in 2Q22, up 46.7% from 2Q21.

Revenue from other oil derivatives totaled R$7.949 billion in 2Q21, up 49% year-on-year.

Petrobras dividends

Earlier, the company announced that its Board of Directors had approved the payment of dividends of R$6.732003 per share.

In a statement to the market, the company also stated that the first installment, in the amount of R$3.366002 per share, will be paid on August 31, 2022. The second installment, in the amount of R$3.366001 per share preferred and common shares, will be paid on September 20, 2022.

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