Petrobras (PETR3; PETR4) profit of 54.33 billion in the second quarter, above expectations

Petrobras (PETR3;PETR4) recorded a profit of R$54.33 billion in the second quarter of 2022 (the second quarter of 22), which is 26.8% higher than that recorded in the second quarter of last year, the company informed the market this Thursday (28).

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

Total recurring profit was R$45.039 billion, an increase of 10.1% year on year.

Adjusted earnings before interest, depreciation and amortization (Ebitda) was R$98.260 billion in the second quarter of 22, an increase of 58.6% over the second quarter of 21.

Recurring Ebitda totaled R$99.337 billion in Q222, an increase of 65.5% compared to Q221, mainly reflecting the higher price of Brent crude in the period, better sales results from derivatives and natural gas and lower LNG import volumes. .

Total net revenue was R$ 170.96 billion in the second quarter of 2022, an increase of 54.4% compared to the same period in 2021.

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

The Refinitiv consensus forecast with analysts was for the company to report 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 points year over year.

The net financial result was negative of about R$15.757 billion in the second quarter of 2022, reflecting the financial gain of R$10.776 billion at the same stage of 2021.

Gross profit amounted to R$ 95.861 billion in the second quarter of 2022, an increase of 68.2% over the same period in 2021.

Petrobras’ operating cash flow amounted to R$71,804 billion between April and June of this year, an increase of 26.9% over the same period last year.

Total general and administrative expenses amounted to R$7.725 billion in Q222, an increase of 8.6% over expenses for the same phase in 2021.

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

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

revenue per product

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

Total revenue from diesel sales amounted to R$52,603 ​​billion in the second quarter of 2022, an increase of 63.9% compared to the same quarter of 2021.

Gasoline revenue was R$21.187 billion in the second quarter of ’22, an increase of 46.7% over the second quarter of ’21.

Total revenue from other oil derivatives amounted to R$7.949 billion in the second quarter of 2011, up 49% year-on-year.

Petrobras profits

Earlier, the company announced that Its board of directors has agreed to pay a dividend of R$ 6.73,2003 per share.

In a statement to the market, the company also stated that the first installment, amounting to R$3.366,002 per share, will be paid on August 31, 2022. The second installment, at R$3,366002 per preferred share and common shares. , on September 20, 2022.

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