This result is mainly attributed to lower sales volumes and a decrease in the price of oil and diesel margins.
Petrobras has cut its attributable net profit until March by 34.9%, placing its profits at US$ 4,782 million in the first quarter of the year, according to its results report.
This result is mainly attributed to lower sales volumes and a decrease in the price of oil and diesel margins. Furthermore, the result was impacted by worse financial results due to the depreciation of the Brazilian real against the US dollar. These effects were partially offset by the reduction in operating expenses and income taxes.
Sales have contracted 11.2% year-on-year, to US$23,768 million. For their part, operating costs have increased by 27.9%, reaching US$ 3,273 million.
By markets, its revenues in the domestic market, Brazil, contracted 12.9%, while they fell 6.5% year-on-year in its international market, which represents 28% of the oil company's total turnover.
For its part, the gross operating result (Ebitda) was US$ 12,253 million in the first quarter of the year, 15.6% lower than that recorded by the company in the same period of the previous year.
Meanwhile, the operating result has fallen 22.2% in the first three months of the year, in year-on-year terms, to US$ 8,984 million.
Regarding Petrobras' investments, these have grown by 22.6% compared to the first quarter of 2023, exceeding US$ 3,043 million.
The largest allocation was allocated to the exploration and production segment, with an increase of 21% year-on-year, up to US$ 2,472 million, 81.2% of the total investment figure.
Finally, Petrobras has managed to reduce its net debt by 2.4% compared to December 2023, bringing it to US$ 43,646 million at the end of the first three months of this year.
"We remain committed to executing and financing the planned investments, with capital discipline and generating value for shareholders and society. Petrobras' financial and operational data in the first quarter of 2024 are consistent with the company's trajectory to meet with its Strategic Plan (2024-28) in an efficient and sustainable manner. In the quarter, we have maintained consistent cash generation, which provides us with security regarding future investments, including those focused on the growth of the company's production. company," said Petrobras president Jean Paul Prates.
