Petrobras posted solid financial and operating results in 1Q21. Regarding 1Q21 results, Petrobras’ CEO Joaquim Silva e Luna made the following comments: “The figures show the capacity of our team to deliver sustainable results to our investors and to society, even in a challenging environment. Petrobras will continue down the path of value generation, with its management based on transparency, dialogue and rationality and with investments concentrated in assets in which we are recognized as global leaders”.
CFO Rodrigo Araujo Alves also commented: “These very strong figures show that we are in the right path. We will continue to focus on the strategies set forth in our Strategic Plan, generating value in all our operations and projects and managing our portfolio aiming to maximize returns to our shareholders and other stakeholders”.
Main highlights of 1Q21:
- 34% increase in recurring adjusted EBITDA in the quarter, even with lower sales volume.
- Recurring net income impacted by the effect of Brazilian real depreciation over debt.
- Positive free cash flow of US$ 5.6 billion.
- Cash inflow from asset sales of US$ 472 million up to May 11th, 2021.
- Gross debt reduction of US$ 18.3 billion in the annual comparison and of US$ 4.6 billion in the quarterly comparison, reaching US$ 71 billion.
- More than US$ 3.2 billion in pre-payments and amortizations in April.
- Reduction of foreign exchange exposure in US$ 8.4 billion, reaching US$ 34.9 billion.
- Net debt/adjusted EBITDA decreased, reaching 2.03x on March 31st, 2021, the best mark since 2012.
Check here our 1Q21 Earnings Release.