Petrobras(US:PBR)2023-11-10 13:31Financial 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]