Two views on Petrobras’ 1Q2020 results

Jun 4, 2020

Two views on Petrobras’ 1Q2020 results and the R $ 65.3 billion impairment that led to the historic loss of R $ 48.5 billion.

– “The amplitude of the estimated volume of recoverable value of Petrobras’ assets can also be used as a technical / political instrument to reinforce the strategies defined by the directors and the presidency, which are expressed in their Business Plan. That is, there is yes, the possibility of the political use of impairments, both those carried out in the 1st quarter of 2020 and those carried out in other periods, such as in 2016 and 2017, to increase the legitimacy of the adopted strategies “, evaluates Eduardo Costa Pinto

– “Petrobras presented an excellent operational performance in the first quarter of 2020, with gross profit of R $ 31.6 billion and an adjusted EBITDA of R $ 37.5 billion. Thus, the” worst quarterly result in the history of the stock exchange ” can be considered fake, as it stems only from arbitrary planning assumptions, which were not adopted by either the two largest private oil companies, ExxonMobil and Shell, nor by the Norwegian state company, Equinor, but which generated a tax benefit for the Brazilian company during this period “, concludes Paulo César Ribeiro Lima

Source: epbr

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