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Petrobras registered a record net profit of R$ 40 billion in 2019 and an EBITDA of R$ 129 billion

The remuneration to shareholders for dividends and interest on own capital was R$ 10.6 billion, equivalent to R$ 0.73 per common share and R$ 0.92 per outstanding preferred share.

Rio, 02/20/2020 – Petrobras registered in 2019 a record profit of R$ 40 billion and also reached a record EBITDA of R$ 129.2 billion. Adjusted EBITDA grew 12.5% ​​compared to 2018, due to lower production costs and lower contingencies. Net income increased by 55.7%, influenced by capital gains from the sale of assets.

In 2019, the net debt / LTM EBITDA ratio adjusted below 2.46x versus 2.34x in 2018, due to the effects of IFRS 16 in 2019. After excluding these effects, the index was considered 1.99x in 2019.

The remuneration to shareholders in the form of dividends and interest on own capital was not R $ 10.6 billion, equivalent to R $ 0.73 per common share and R $ 0.92 per outstanding preferred share.

“The company’s performance in 3Q19 is already beginning to reflect the implementation of our strategy aimed at creating value. An oil and gas production reached the record level of 3.0 MMboado in August, when there was also an error of record of 3.1 MMboquete, Roberto Castello Branco, company president, says note.

The ramp-up. he says, the new platforms significantly influenced production growth, with the pre-salt being responsible for 60.4% of Petrobras’ total oil production in Brazil. “The FPSO P-76, operating in the Búzios field, concluded or accelerated in 7.7 months, another record and a positive effect on investment return rates, in line with one of our strategic pillars: focus on allocation efficiency capital “, resume the executive.

Castello Branco also explained that, given the scarcity of resources, projects have to compete for capital, which is allocated only to the best in terms of expected return and risk.

The lifting cost in the pre-salt, according to him, reached an unprecedented level of US $ 5.0 per boe, which contributed to the company’s average extraction cost being less than US $ 10 per boe. boe ($ 9.7 / boe).

Castello Branco emphasized that several initiatives are underway to cut costs on a permanent basis. “Processes are being redesigned, we launched a family of voluntary dismissal programs (POS) in which more than 2,000 employees have already signed up, we will vacate four buildings by the end of the year, we are moving from 18 offices outside Brazil to just five and several others measures are being implemented with the use of digital transformation “. he added, noting that “despite the drop in oil prices, from US $ 75.27 in 3Q18 to US $ 61.94 per barrel in 3Q19, the operating cash flow of R $ 32.8 billion reached a historic record”.

Petrobras President Roberto Castello Branco and the company’s management will give an interview to the press to explain details of the result, today, February 20, at 2 pm.

Read more details of Petrobras’ report here in full


The company will hold the 2019 Results Conference Call and Webcast on October 25, 2019:

Portuguese: 10:00 am in Rio de Janeiro / 9:00 am in New York / 2:00 pm in the United Kingdom
Brazil: +55 11 3181-8565 or +55 11 4210-1803

US: +1 412 717-9627 United Kingdom: +44 20 3795-9972
English: 11:30 am in Rio de Janeiro / 10:30 am in New York / 3:30 pm in the United Kingdom
Brazil: +55 11 3181-8565 or +55 11 4210-1803
USA: +1 412 717-9627
United Kingdom: +44 20 3795-9972

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