Petrobras Financial Performance in 2Q21

Source: 8/5/2021, Location: South America

In 2Q21, Petrobras reported solid operational and financial results. In the words of Petrobras CEO Joaquim Silva e Luna: "It is a pleasure to present the excellent operational and financial results for the second quarter of 2021. We continue working hard, supported by absolutely technical decisions; evolving and becoming stronger to invest better, supply an increasingly challenging market, and generate prosperity for our shareholders and for society.”

In view of the solid results presented, Petrobras Board of Directors approved, on August 4th, the anticipation of shareholder remuneration for 2021 in the amount of R$ 31.6 billion (US$ 6 billion), R$ 21 billion (US$ 4 billion) of which to be paid on August 25, 2021, and US$ 10.6 billion (US$ 2 billion) on December 15, 2021.

The year 2021 is still a transition year, in which Petrobras still allocates much of its cash generation to prepaying debt, with the goal of reaching gross debt of $60 billion.

CFO Rodrigo Araújo Alves commented: “The solid results achieved this quarter, especially the operating cash flow and free cash flow, result from our resilience, focus on the best assets and our ability to adapt. I also highlight the strong deleveraging, the achievements with the portfolio management process and, last but not least, the substantial dividend payment in recognition to our shareholders and an important contribution to the Brazilian society. We will work to make this payout more consistent over time.”

Main highlights of 2Q21:
- Adjusted EBITDA of US$ 11.8 billion, 32% higher than the previous quarter.
- Net income positively impacted by the effect of the appreciation of the Real on debt.
- Significant operating cash flow and free Cash Flow, totaling US$ 10.8 billion and US$ 9.3 billion, respectively.
- Cash inflow from asset sales of US$ 2.8 billion until 08/03/2021.
- Reduction of US$ 27.5 billion in gross debt in the annual comparison and US$ 7.3 billion in the quarterly comparison, reaching US$ 63.7 billion.
- Net Debt / Adjusted EBITDA reached 1.49x on June 30, 2021, the best result since 3Q11, when leases were not yet accounted for as debt.

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