hit tracker
Sunday, October 1, 2023
HomeLatest NewsPetrobras reduces its profit 32.9% until June after falling the price of...

Petrobras reduces its profit 32.9% until June after falling the price of a barrel of Brent

Date: October 1, 2023 Time: 02:09:59

The oil company Petrobras will achieve profits of 13,169 million dollars during the first half of 2023, approximately 12,037 million euros. This represents a drop of 32.9% compared to what was recorded in the first half of the previous year.

The Brazilian company has explained this decrease in its results by the increase in operating costs and the lower price of Brent barrels. Even so, Petrobras has highlighted that it has managed to reduce expenses in financial operations and income tax, while its income from the sale of assets has warned.

Regarding billing, gasoline has also seen a decline compared to the same period of the previous year, with a drop of 19.6% year-on-year between 2022 and 2023. Petrobas entered a total of 49,750 million dollars (45,475 million euros) between January and June of this year.

More investment volume

For its part, the adjusted gross operating result (Ebitda) has been 29.3% lower than in the first half of 2022, remaining at 25,392 million dollars (23,208 million euros). This reduction is caused by the same factors that determine net profit, in addition to the impact of certain legal contingencies and the tax on oil exports.

In turn, the oil company has allocated 18.2% more resources than in the previous year to investments, reaching 5,723 million dollars (5,230 million euros).

The largest item was for the exploration and production segment, for which around 4,640 million dollars (4,241 million euros) were allocated, 52.2% more. This increase meets the company’s objective to develop large projects, as well as to allocate a greater budget to dam exploration.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

Most Popular

Recent Comments