Petrobras Financial Performance in 2Q24

“Petrobras maintained robust cash generation in the second quarter of 2024, which allowed it to make US$ 3 billion in investments, comply with our shareholder remuneration policy and pay dividends. The net result for the quarter should be analyzed in light of events that impacted the accounting result but had no relevant impact on the company’s cash flow. The main events were the exchange rate variation for the period – an effect between companies in the Petrobras System that has no cash effect or even equity effect – and the impact of adhering to the tax transaction – a decision deemed positive by the market because it ended billion-dollar disputes that brought great uncertainty to the company’s cash flow. Without these events, net income for 2Q24 would have reached US$ 5.4 billion and EBITDA would have been US$ 12 billion, in line with the previous quarter”. Fernando Melgarejo, Chief Financial and Investor Relations Officer

Main highlights

• Continued robust cash generation
• Lowest financial debt level since 3Q08, at US$ 26.3 billion
• Capex totaled US$ 6.4 billion in 1H24, up 12.5% on 1H23
• Adherence to the Tax Transaction ends significant legal disputes worth R$ 45 billion

Reversal of loss

• Approval of the resumption of operations at Araucária Nitrogenados S.A. (ANSA) allowed the reversal of the impairment losses

Contributions

• Greater contribution to society, with tax payments 24% higher than in 2Q23
• Approval of dividends and interest on equity of R$ 13.6 billion, to be paid in two installments (November and December) using R$ 6.4 billion from the capital remuneration reserve

Check here our 2Q24 Earnings Release.