Petrobras Sees Modest Q3 Profit Growth, Announces $2.25bn Dividend

Post by : Bianca Suleiman

The Brazilian oil titan Petrobras has revealed a minor uptick in its third-quarter profit, demonstrating solid performance even against a backdrop of reduced revenues and international pricing challenges.

For the period spanning July to September, the firm recorded a net profit of 32.7 billion reais ($6.05 billion), a 0.5% improvement compared to the same quarter last year. When expressed in dollars, the profit climbed by 2.7%, signaling consistent operations paired with favorable currency fluctuations.

Additionally, Petrobras has confirmed a dividend payout of 12.2 billion reais ($2.25 billion), rewarding its investors during turbulent times in the energy market.

Although total revenue fell by 1.3% to 127.9 billion reais, not meeting the 130 billion reais forecasted by experts, robust production metrics played a pivotal role in bolstering financial stability. The company reported an impressive oil output exceeding 2.5 million barrels per day, achieving multiple operational milestones this quarter.

Operational efficacy remained strong, with adjusted EBITDA improving by 0.4% to reach 63.9 billion reais, surpassing the anticipated 62.1 billion reais.

Capital expenditures reached $5.5 billion, which is a remarkable 23.7% rise compared to the same quarter last year, as Petrobras advances its upstream initiatives and enhances its refining capabilities.

Despite the challenges posed by fluctuating global oil prices, the company's commitment to disciplined production practices and cost efficiency is evident in its continued profitability. These latest outcomes reflect Petrobras' strategy of balancing shareholder returns while fostering growth within Brazil's expanding energy landscape.