Petrobras reported a net loss of R$ 2.6 billion in the second quarter of 2024, driven by one-off events and significant currency fluctuations. The company’s decision to settle legal disputes related to vessel and platform charters in June 2024 was a major factor, offering long-term financial predictability despite the immediate negative impact on the balance sheet.
The depreciation of the Real by 11.2% against the U.S. dollar further compounded the losses, contrasting sharply with a 3.2% devaluation in the previous quarter. However, the impact on cash flow was limited.
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Despite these setbacks, Petrobras said it continued to invest heavily, with expenditures reaching US$ 3.4 billion in the quarter, primarily targeting large pre-salt projects. Total investments for the first half of 2024 rose to US$ 6.4 billion, marking a 12.5% increase year-over-year.
On the operational front, Petrobras maintained an average production of 2.7 million barrels of oil equivalent per day with 81% derived from pre-salt reserves, aligning with the company’s Strategic Plan for 2024–2028.
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Petrobras noted that progress was also made in expanding production capabilities. The FPSO Marechal Duque de Caxias was anchored in the Mero field, with operations set to begin in the latter half of 2024. Additionally, the FPSO Maria Quitéria arrived in Brazil and is scheduled to commence production in the Jubarte field by the end of the year, featuring advanced decarbonization technologies.
Further, Petrobras signed contracts for the construction of the All-Electric FPSOs P-84 and P-85, which will add a combined production capacity of 450,000 barrels per day from the Atapu and Sepia fields.
