Just because things are bad at Petrobras doesn't mean they can't get even worse. Pity Petrobras (PBR -7.01%) (PBR.A -5.96%) investors -- they can't seem to catch a break. Shares of the Brazilian oil giant -- officially known as Petroleo Brasileiro -- have fallen steadily in the four days leading up to and after the company's poor first-quarter 2024 earnings report. This now includes a 7.2% decline through 10:45 a.m. ET today. You can blame this latest decline on the President of Brazil himself. Petrobras' Q ...

Petróleo Brasileiro S.A. (NYSE:PBR), Brazil's state-controlled oil giant, is once again in the spotlight as it grapples with shareholder expectations and market dynamics. After reporting a 38% year-over-year decline in Q1 profit earlier today, Petrobras announced that it is slashing its Q1 2024 dividend payout. This move will see dividends reduced to 1.04 reais per share, totaling 13.45 billion reais ($2.6 billion), which is considerably lower than analysts' projection of $3.2 billion according to Bloomberg ...

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of April, 2024 Washington, D.C. 20549 FORM 6-K Commission File Number 1-15106 PETRÓLEO BRASILEIRO S.A. – PETROBRAS (Exact name of registrant as specified in its charter) Brazilian Petroleum Corporation – PETROBRAS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Rio de Janeiro, April 11, 2024 – Petróleo Brasileiro S.A. – Petrobras informs that, on April 11, 2024, a precautionary decision w ...

BR PETROBRAS Annual Report and Form 20-F 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 Commission File Number 001-15106 Petróleo Brasileiro S.A. — Petrobras (Exact name of registrant as specified in its charter) Brazilian Petroleum Corporation — Petrobras (Translation of registrant's name into English) The Federative Republic of Brazil D5 ( ...

Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) Q3 2023 Earnings Call Transcript November 10, 2023 8:30 AM ET Sergio Caetano Leite - Chief Finance and Investor Relations Officer Carlos Travassos - Chief Engineering, Technology and Innovation Officer William Franca - Chief Industrial Processes and Products Officer Operator Company Participants Jean Paul Prates - Chief Executive Officer Ana Paula Zettel - Executive Director for Partnerships and Exploration and Production Processes Mauricio Tolmasquim - Chief ...

Financial Performance - The company reported a consistent net income of US$5.5 billion in 3Q23[7] - Free cash flow (FCF) was high at US$8.4 billion, the sixth highest in the company's history[8] - Adjusted EBITDA was robust at US$13.6 billion, also the sixth highest in history[22] - Operational cash flow (OCF) increased to US$11.6 billion, the fourth highest in the company's history[23] Operational Highlights - Record oil and gas production in the pre-salt region, reaching 2.25 million boed[28] - Pre-salt natural gas processing reached 28.96 Mm³/d with a refining park utilization of 96%[10] - Updated production guidances for 2023 include oil and gas production of 2.1 to 2.2 kbpd, commercial production of 2.3 to 2.4 kboed, and total production of 2.6 to 2.8 kboed[11] - Gross debt at US$61 billion due to the increase in leases as a result of the start-up of FPSO Anita Garibaldi[50] External Factors and Market - Brent price averaged US$87 per barrel in 3Q23, a 11% increase compared to 3Q22 but a 14% decrease compared to 2Q23[14, 56] - The average exchange rate was R$/US$ 4.88 in 3Q23, a 1% decrease compared to 2Q23[34] Shareholder Returns - Approved dividends of R$9.0 billion[25] - The company has a share buyback program to acquire up to 157.8 million preferred shares (PETR4) until 08/04/2024, representing around 3.5% of the Free Float of this class of shares[51] - Remuneration to shareholders was R$18.4 billion, including buybacks of R$974 million and dividends of R$17.5 billion[67]

Financial Data and Key Metrics - The company increased investments to $5.7 billion in the first half of the year, with gross debt maintained at $58 billion and operating cash flow reaching $10 billion [2] - Net profit for the quarter totaled $5.8 billion, with free cash flow at $7 billion and a comfortable cash position of $15.8 billion [130] - Adjusted EBITDA remained stable, with Q1 and Q2 levels close to recurring EBITDA, reflecting lower disinvestment due to the asset portfolio [3] - The company's net debt to EBITDA ratio was 0.74x, indicating strong financial health [130] Business Line Data and Key Metrics - Diesel production capacity with renewable content is projected to increase by 146% later this year, with a new unit authorized to expand production to 12 million liters per day [5] - The company achieved record diesel production of 2.11 million cubic meters in the first half of 2023, with expectations to reach 2.38 million cubic meters in July [39] - Refinery utilization factor reached 93%, the highest since 2015, despite scheduled shutdowns [115] - Pre-salt production accounted for 78% of total production, with over 2 million barrels per day [132] Market Data and Key Metrics - Brent crude prices dropped significantly from $114 per barrel in Q2 2022 to $78 per barrel in Q2 2023, impacting results [3] - Russian diesel imports to Brazil accounted for over 80% of total diesel imports in July, creating competitive pressure [76][148] - The company reduced oil exports due to higher refinery utilization, processing more pre-salt oil domestically [22] Company Strategy and Industry Competition - The company is focusing on expanding renewable diesel production and reducing emissions, with a maritime transport test using 24% renewable content reducing emissions by 17% [5] - Petrobras is investing in energy transition, with plans to allocate up to 15% of total investments to low-carbon initiatives [125] - The company is exploring partnerships and M&A opportunities in petrochemicals and fertilizers, aligning with long-term strategic goals [105] Management Commentary on Operating Environment and Future Outlook - Management highlighted the resilience of the company despite adverse external conditions, including Brent price drops and currency fluctuations [3] - The company is committed to leading the energy transition in Brazil, with a focus on decarbonization and renewable energy [125] - Petrobras is monitoring market volatility and adjusting its commercial strategy to maintain competitiveness, particularly in light of Russian diesel imports [148] Other Important Information - The company launched a diversity supplement to reinforce awareness of diversity and inclusion internally and in society [2] - Petrobras received multiple awards for innovation, including the MIT Award and the Valor Inovação Award [10] - The company is testing green recycling processes and hybrid vessels to reduce emissions and costs [23][146] Q&A Session Summary Question: How does the company view its minimum optimal cash level? - The company maintains a minimum cash level of $5 billion, with a reference level of $8 billion, aligning with strategic plans [162] Question: What are the company's plans for energy transition and biofuels? - Petrobras is focusing on biofuels due to Brazil's abundant land and water resources, existing logistics for liquid fuels, and the ability to adapt refining units for biofuel production [78] Question: How is the company managing its debt levels? - Gross debt is within established limits, and the company has reduced financial debt by $0.6 million, maintaining a comfortable debt trajectory [7] Question: What is the company's dividend policy? - The company revised its dividend payout policy, reducing the payout ratio from 60% to 45% of free cash flow, in line with global peers [131] Question: How is the company addressing competition from Russian diesel? - Petrobras is optimizing its refining complex and logistics assets while monitoring the market for competitive adjustments [148] Question: What are the company's plans for petrochemicals and fertilizers? - Petrobras is studying the return to fertilizer production and exploring partnerships in petrochemicals, aligning with long-term strategic goals [51][105]

FPSO Almirante Barroso 1st oil in May 2023 political, economic and social developments, receipt of governmental approvals and licenses and our ability to obtain financing. In addition, this presentation also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS. These measures do not have standardized meanings and may not be comparable to similarly-titled measures provided by other companies. We are providing these measures because we use them as a measure of company perfo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of August, 2023 Commission File Number 1-15106 PETRÓLEO BRASILEIRO S.A. – PETROBRAS (Exact name of registrant as specified in its charter) Brazilian Petroleum Corporation – PETROBRAS (Translation of Registrant's name into English) Avenida Henrique Valadares, 28 – 19th floor 20231-030 – Rio de Janeiro, RJ Feder ...

Financial Data and Key Metrics Changes - EBITDA reached approximately $14 billion, marking the fourth highest in Petrobras' history [11] - Net income was $7.3 billion, down from $8.2 billion in the previous quarter, primarily due to Brent devaluation and increased tax expenses [16] - Free cash flow was around $8 billion, indicating strong cash generation [11] - Gross debt decreased to $53.3 billion, the lowest level since 2010, while net debt was $37.6 billion, a 9.5% drop compared to the end of 2022 [36] Business Segment Data and Key Metrics Changes - Exploration and Production segment's EBITDA declined by 1% compared to Q1 2022, impacted by Brent price devaluation [13] - Downstream segment's EBITDA was 15% lower than the previous quarter due to inventory turnover effects from Brent price reductions [13] - Gas and Power EBITDA rose by 16% due to favorable market conditions and strategic actions [35] Market Data and Key Metrics Changes - Brent prices dropped by 8% during the quarter, and the average exchange rate decreased by 1% compared to Q4 2022 [12] - The natural gas market remained stable compared to Q1 2022, but there was a decrease of 16 million cubic meters per day due to market opening and increased competition [42] Company Strategy and Development Direction - The company is focused on leading the energy transition while maintaining its oil production capabilities, aiming for a diversified investment strategy [30] - Petrobras plans to decarbonize production processes and develop greener products, positioning itself as a leader in the energy transition [30] - The strategic plan for 2023-2027 includes investments in new production units and enhancing operational efficiency [26] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of a skilled workforce to meet market demands, especially during the energy transition [5] - The company remains committed to generating value and financial sustainability, having paid R$63 billion in taxes and government take in Q1 2023 [33] - Future investments will focus on renewable energy and sustainability, with a preference for organic growth through partnerships [90] Other Important Information - The company achieved a new monthly production record in February 2023, with pre-salt production reaching 77% of total production [9][24] - Significant advancements were made in refining operations, including the launch of new low-sulfur fuel products [10][83] Q&A Session Summary Question: What are the potential investment options for energy transition? - Management indicated that while specific targets are not yet set, diversification will be pursued with financial responsibility, focusing on organic investments and partnerships [61][90] Question: What caused the delay in the startup of some platforms? - The delay was attributed to minor adjustments in the schedule, primarily related to supply chain perceptions, with shifts being minimal [87][88] Question: How does the company plan to manage its fuel pricing policy? - The current pricing policy considers international prices, but management emphasized the need for a robust commercial strategy that may explore other pricing references [91][100]