Petrobras Financial Performance in 2024

Rio de Janeiro, February 26, 2025

“2024 was a positive year for Petrobras. We consistently maintained strong cash generation, reaching US$ 38 billion in Operating Cash Flow in 2024. This result demonstrates the company’s financial health and the quality of its assets, which operate profitably, generating resources to make investments, remunerate shareholders and meet all its obligations. In 2025, with the entry of three new production systems in the year and an expected increase of 100,000 barrels per day, we expect to have even more consistent results.”

Fernando Melgarejo, Chief Financial and Investor Relations Officer

Main financial highlights

• Maintenance of a strong cash generation with Operating Cash Flow of US$ 38.0 billion and Free Cash Flow of US$ 23.3 billion in 2024
• Financial debt of US$ 23.2 billion at year end, the lowest level since 2008
• Consistent performance: Adjusted EBITDA without one-off events of US$ 45.9 billion and Net Profit without one-off events of US$ 19.4 billion

“Petrobras’ result in 2024 was mainly impacted by an item of an accounting nature: the exchange rate variation on debts between Petrobras and its subsidiaries abroad. These are financial transactions between companies in the same group, which generate opposite effects that in the end balance out economically. This is because the currency variation in these transactions enters the net result of the Holding in Brazil and negatively impacted the profit for 2024. At the same time, there was a direct positive impact on equity.”

Fernando Melgarejo, Chief Financial and Investor Relations Officer

Commitment to investments

• Capex of US$ 16.6 billion in 2024

“The CAPEX of US$ 16.6 billion, higher than the guidance, does not represent an additional cost but an anticipation, as we were able to reduce the gap between the physical and financial evolution of the platforms in Búzios. We expected this reduction in the mentioned mismatch to occur throughout 2025, but we acted strongly in contractual management and the solution was totally anticipated to 2024. Petrobras benefits from reduced risks and increased potential for anticipations. This is what we are focused on: executing our investment plan and achieving our production targets.”

Fernando Melgarejo, Chief Financial and Investor Relations Officer

Contribution to society

• We paid R$ 270 billion in taxes to the Federal Government, states and municipalities, the second highest payment in the last 10 years
• We distributed R$ 102.6 billion, of which R$ 37.9 billion corresponded to the control group
• We allocated more than R$ 1 billion in voluntary and mandatory investments, sponsorships and donations

Check here our 2024 Performance Report.