Post by : Badri Ariffin

On Thursday, Petrobras, the Brazilian state-owned oil firm, announced a modest rise in its third-quarter earnings, showcasing its resilience in the face of lower revenues and external market challenges.

The company reported a net profit of 32.7 billion reais ($6.05 billion) for the July-September period, reflecting a 0.5% increase compared to the previous year. In dollar terms, this marks a 2.7% growth, highlighting stable operational performance and currency benefits.

In a show of commitment to its investors, Petrobras declared a dividend of 12.2 billion reais ($2.25 billion), aiming to reward shareholders amidst fluctuating energy prices.

Even though overall revenues dipped by 1.3% to 127.9 billion reais, which fell short of analysts’ expectations of 130 billion reais, the company's robust production levels provided vital support. Petrobras reported oil output exceeding 2.5 million barrels per day, achieving record production metrics throughout the quarter.

The operating results remained strong, with adjusted EBITDA increasing by 0.4% to 63.9 billion reais, outperforming the expected 62.1 billion reais.

Capital expenditures reached $5.5 billion, a significant 23.7% rise compared to the same period last year, reflecting Petrobras’ ongoing investment in upstream activities and its efforts to enhance refining capabilities.

Despite challenges faced in the global oil market, the company's focus on efficient production and cost management has helped it retain profitability. The recent results illustrate Petrobras' commitment to providing returns to shareholders while fostering growth within Brazil's energy landscape.

#Tech News #AI #Share Market