Petrobras has a profit of R$ 46 billion in the 3rd quarter, and revenue totals R$ 170 billion

Petrobras’ profit reached R$ 46.096 billion in the third quarter, according to a balance sheet released on Thursday night (3), after the markets closed.

The result means an increase of 48% compared to the same quarter last year, but is 15.2% lower than the second quarter.

Sales revenue totaled R$ 170.076 billion, an increase of 39.9% compared to a year earlier, and a slight drop of 0.5% compared to the immediately previous quarter.

“In the third quarter of 2022, revenue was practically flat compared to the second quarter,” the company said in its report. “Income from oil products in the domestic market grew 10% compared to the second quarter – despite the drop in international prices – due to the higher volume of
sales of all oil products in 3Q22. Domestic oil revenue fell 22% due to lower sales
for Acelen and the fall of Brent.

Earlier, the oil company’s Board of Directors had already approved the payment of dividends of R$3.3489 reais per share.

THE Petrobras pointed out that the proposed value is in line with the company’s current shareholder remuneration policy and that it is compatible with the oil company’s financial sustainability in the short, medium and long term.

When informing about the approved value, the Petrobras highlighted that “there are no investments held back by financial or budgetary constraints and the decision to use surplus resources to remunerate shareholders is presented as the most efficient for optimizing the allocation of cash”.

The current remuneration policy for shareholders of Petrobras provides that, in case of gross debt of less than US$ 65 billion, the company will be able to distribute to its shareholders 60% of the difference between operating cash flow and acquisitions of fixed and intangible assets (investments).

In addition, the policy also provides for the possibility of paying extraordinary dividends, provided that its financial sustainability is preserved.

In update.