Petrobras’ net profit drops 47% in the 2nd quarter and adds up to R$ 28.782 billion

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Result was influenced, among other points, by the drop in oil prices in the international market, informed the company this Thursday (3). Petrobras facade Reproduction Petrobras recorded a net profit of R$ 28.782 billion in the second quarter of this year, the company informed this Thursday (3). The result represents a 47% decrease compared to the BRL 54.330 billion accounted for in the same period of 2022. According to the oil company, the numbers are mainly explained by the following factors: devaluation of Brent oil in the international market; drop of more than 40% in international diesel crack spreads (difference between the price of crude oil and the derivative product); higher operating expenses, especially with taxes and impairment (reduction in the value of assets). The average Brent price stood at US$78.39 per barrel between April and June, down 31.1% from a year earlier. “These effects were partially offset by higher capital gains from the sale of assets, lower financial expenses – the result of gains from exchange rate variation due to the appreciation of the real against the dollar – and lower expenses with income tax”, informed the company. Petrobras’ adjusted earnings before interest, taxes, amortization and depreciation (Ebitda) totaled BRL 56.7 billion in the second quarter, a drop of 42.3% compared to the same period in 2022. R$ 113.8 billion, a decrease of 33.4% compared to a year earlier. This is the first result disclosed by the company after the announcement of the new fuel price policy, on May 16th. Since then, the state company no longer obeys the international parity policy (PPI), which readjusted the price of fuel based on changes in the dollar and the price of oil abroad. Now, the company takes two points as a reference for determining its prices: the customer’s alternative cost, as a value to be prioritized in pricing; the marginal value for Petrobras. At the time, the company’s president, Jean Paul Prates, stated that the new strategy would still have the international scenario as a reference, but with a “filter”, which seeks to cushion external shocks. “Are we going to have the effect of the international reference? We will, but it will be refracted in a series of national possibilities, in the Brazilianization of prices, which will make us consolidate levels before making readjustments”, said Prates.

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