Petrobras(US:PBR)2025-11-07 14:30Financial Position - Total assets as of September 30, 2025, amounted to R$1,557,001,000, a decrease of 0.8% from R$1,569,110,000 on December 31, 2024[5]. - Current assets decreased to R$163,185,000 from R$209,362,000, representing a decline of 22.0%[5]. - Total liabilities remained stable at R$1,557,001,000 compared to R$1,569,110,000 as of December 31, 2024[6]. - Current liabilities increased to R$307,687,000, up 9.2% from R$281,677,000[6]. - Non-current liabilities decreased significantly from R$921,427,000 to R$826,380,000, a reduction of 10.3%[6]. - Shareholders' equity increased to R$422,934,000, up 15.6% from R$366,006,000[6]. - Total assets increased to R$1,212,038,000, up 7.8% from R$1,124,797,000 at the end of the previous period[13]. - Total liabilities increased to R$1,212,038,000 as of September 30, 2025, up from R$1,124,797,000 at the end of 2024, representing an increase of approximately 7.7%[14]. - Current liabilities decreased to R$182,367,000 from R$194,808,000, a reduction of approximately 6.4%[14]. - Non-current liabilities rose to R$604,710,000 from R$562,475,000, marking an increase of about 7.5%[14]. - Total consolidated assets as of September 30, 2025, amounted to R$1,212,038 million, an increase from R$1,124,797 million as of December 31, 2024, representing a growth of approximately 7.8%[51][52]. Revenue and Profitability - Sales revenues for the current period reached R$124.526 billion, a 2.3% increase compared to R$121.790 billion in the previous period[7]. - Gross profit for the current period was R$57.564 billion, down 6.0% from R$61.381 billion in the previous period[7]. - Net income from continuing operations for the current period was R$32.705 billion, slightly up from R$32.555 billion in the previous period[8]. - Total comprehensive income for the current period was R$32.022 billion, a decrease from R$33.757 billion in the previous period[8]. - Operating expenses for the current period were R$9.112 billion, a reduction from R$12.549 billion in the previous period, indicating improved cost management[7]. - Sales revenues increased to R$543,880,000, up 6.5% from R$512,572,000 in the previous period[12]. - Net income for the period rose to R$94,566,000, compared to R$53,650,000, reflecting a growth of 76.2%[12]. - Sales revenues for the period from July 1, 2025, to September 30, 2025, were R$127,906,000, slightly down from R$129,582,000 in the same period of the previous year, a decrease of about 1.3%[15]. - Gross profit for the current period was R$61,117,000, compared to R$66,578,000 in the previous year, reflecting a decline of approximately 8.2%[15]. - Net income from continuing operations for the period was R$32,847,000, an increase from R$32,676,000 year-over-year, showing a growth of about 0.5%[16]. - Total comprehensive income for the period reached R$86,213,000, compared to R$78,586,000 in the previous year, indicating an increase of 9.9%[18]. Cash Flow and Investments - Net cash provided by operating activities decreased to R$99,532,000 from R$144,936,000, a decline of 31.3% year-over-year[11]. - The company reported a net cash used in investing activities of R$32,228,000, a reduction from R$75,803,000 in the previous period[11]. - Cash and cash equivalents at the end of the period were R$965,000, a significant decrease from R$22,626,000[11]. - The company reported a decrease in cash used in investing activities to R$50,737,000 from R$53,194,000, a reduction of 8.7%[19]. - Cash used in operating activities for the nine-month period ended September 30, 2025, was R$2,885 million, up from R$1,549 million in the same period of 2024, reflecting an increase of 86%[172]. - The company recognized a total cash used of R$7,037 million in the nine-month period ended September 30, 2025, compared to R$3,895 million in the same period of 2024, representing an increase of 80%[172]. Taxation and Contributions - The company incurred R$12.075 billion in income tax and social contributions for the current period, compared to R$10.566 billion in the previous period[7]. - Income taxes in Brazil increased to R$3,541 million as of September 30, 2025, compared to R$2,510 million as of December 31, 2024, representing a growth of about 41%[65]. - The effective tax rate for income taxes was 29.5% for the nine-month period ended September 30, 2025, compared to 29.4% for the same period in 2024[66]. - The company recognized a deferred income tax expense of R$17,054 million for the nine-month period ended September 30, 2025, compared to a benefit of R$4,630 million for the same period in 2024[68]. Employee Compensation and Benefits - Employee compensation decreased to R$30,529,000 from R$32,923,000, a decline of 7.3%[12]. - Employee compensation totaled R$33,485 million, down from R$35,741 million, indicating a decrease of 6.3%[20]. - The company provisioned R$2,701 million for profit sharing (PLR) for the nine-month period ended September 30, 2025, compared to R$2,488 million for the same period in 2024[84]. - The company recognized net costs for pension and health care plans of R$7,309 for the nine-month period ended September 30, 2025[100]. Legal and Contingent Liabilities - The total provision for legal claims as of September 30, 2025, was R$16,480, a decrease from R$17,543 at the end of 2024[107]. - Estimated contingent liabilities decreased to R$220,109 as of September 30, 2025, down from R$248,601 as of December 31, 2024, representing a reduction of approximately 11.5%[115]. - The main contingent liabilities include R$121,378 related to tax matters and R$80,441 related to civil matters, indicating the company's exposure to various legal challenges[115]. - The company maintains a Negotiated Legal Proceeding (NJP) agreement with the Brazilian National Treasury, allowing for judicial discussions without immediate disbursement, with R$13,472 in production capacity held as a guarantee[112][114]. Capital Expenditures and Financing - The company made additions to property, plant, and equipment totaling $130.94 million in the first nine months of 2025, compared to $78.23 million in the same period of 2024, representing an increase of about 67%[149]. - The company raised R$2,861 million through a public offering of debentures with maturities in 2035, 2040, and 2045[188]. - The average interest rate on total finance debt as of September 30, 2025, is 6.7%[189]. - The total repayment of principal and interest for lease liabilities in the nine-month period ended September 30, 2025, was R$38,268 million[193]. Miscellaneous - The company completed a tax settlement program in June 2024, resulting in a R$10,391 million expense net of reimbursements[76]. - The company agreed to resume the historical health plan funding ratio of 70% for Petrobras and 30% for beneficiaries, effective April 2024[88]. - The class action in the Netherlands continues to pose uncertainties, with the court ruling that Petrobras acted illegally in relation to some investors, but the outcome remains uncertain[122][127].