Petrobras Financial Performance in 1Q22

Rio de Janeiro, May 05, 2022 – Once again we delivered solid quarterly results. “These financial results are due to the fact that today we have a healthy Petrobras, which has reduced its debt burden, invests responsibly and operates efficiently. Therefore, it is possible to generate this compelling return to our shareholders, especially the Brazilian society, represented by the State. This generates economic development throughout the production chain, generating jobs, income and tax revenues for the country. In this quarter, we have paid out to the federal government, states and municipalities the equivalent of 1.5 times our net income. Petrobras is distributing the fruits of its value generation to the Brazilian population”, underlines Petrobras’ CEO, José Mauro Coelho.

According to the CFO, Rodrigo Araujo Alves, “First quarter results show that we stand firm in our trajectory of transforming Petrobras into a much more solid company that invests responsibly and is able to create and distribute wealth to our shareholders and to society. In this regard, we approved shareholder remuneration of R$ 3.72 per common and preferred share. Additionally, in the first quarter alone, we collected a total of R$ 69.9 billion in taxes and government take, an increase of 95% compared to the first quarter of last year”.

Main highlights:

  • Recurring EBITDA of US$ 15.1 billion (+35% vs 4Q21) and free cash flow of US$ 7.9 billion (+6% vs 4Q21).
  • Net debt of US$ 40.1 billion (-16% vs 4Q21), resulting in a Net Debt/EBITDA ratio of 0.8x.
  • Recurring net income of US$ 8.4 billion (+96% vs 4Q21).
  • Strong cash generation, solid liquidity and the outlook for sustainable results allowed the Company to approve shareholder remuneration in the amount of R$ 3.72 per outstanding common and preferred share.

Check here our 1Q22 Earnings Release. 

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