Petrobras achieves second-highest net income in history

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Petrobras, the Brazilian state-owned oil giant, has reported a net income of BRL 124.6 billion in 2023, marking its second-highest financial performance in history. Accompanying this figure are what Petrobras termed record-breaking results in 

earnings before interest, taxes, depreciation, and amortization (EBITDA) – (R 262.2 billion) and operating cash flow (R 215.7 billion). 

Jean-Paul Prates, President of Petrobras, attributed these achievements to operational records and a successful commercial strategy, especially in diesel and gasoline.

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Despite an 18% drop in the international price of oil (Brent) and a 23% decrease in the price differential of diesel, Petrobras said it excelled in production, breaking records and positioning Brazil as a major player in the global oil market. Jean Paul Prates said, “Even in this most challenging scenario, we broke record after record production, increased investments, reduced financial debt, and put into operation four new platforms in this first year of management.” 

The company invested US$12.7 billion in 2023, a 29% growth from the previous year, and paid R 240 billion in taxes to the Federal Government and other entities. Petrobras’ Total Shareholder Return (TSR) hiked to 112%. 

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Petrobras’ notable achievements in 2023 include a reduction of US$1.2 billion in financial debt, and maintaining control at US$62.6 billion. Petrobras said it demonstrated resilience and environmental responsibility by achieving carbon efficiency records, reducing absolute emissions by 1.8 million tons of carbon dioxide equivalents (CO2e) compared to 2022. Jean-Paul Prates envisions a future where Petrobras leads the just energy transition in Brazil while generating long-term value for partners and society.

In operations, Petrobras reached new heights in pre-salt production, accounting for 78% of the total. Operational records include the peak production of FPSO Almirante Barroso and efficiency improvements in refining, with a utilization factor of 92%. With a commitment to socio-environmental projects, Petrobras said it aims to continue its growth trajectory, creating socioeconomic development and generating employment opportunities outlined in the 2024-2028 Strategic Plan.

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