Petrobras Financial Performance in 3Q21

Source: www.gulfoilandgas.com 10/28/2021, Location: South America

In 3Q21, Petrobras posted excellent operating and financial results. According to CEO Joaquim Silva e Luna, “It is with great honor that I share with you the results achieved. We reached our debt target much earlier than planned and we are sharing part of the wealth generated with society and our shareholders through taxes, dividends, job creation and investments. We still want much more for our Petrobras and, therefore, we will continue to work diligently and rationally, investing responsibly in the most profitable assets to generate more and more prosperity”.

In the opinion of CFO Rodrigo Araujo Alves, “To deliver numbers of such quality and to finally sort out our debt equation makes us proud.

We strongly believe that we still have a lot of value to deliver, to be built from our cash flow, portfolio management and investments in resilient and world-class assets, which will certainly translate into enormous wealth for all our stakeholders”.

Main highlights of 3Q21:
? Gross debt of US$ 59.6 billion, 15 months ahead of target
? Recurring EBITDA of US$ 12 billion, solid operating cash flow, as a result of our operations, totaling US$10.5 billion
? Free cash flow of US$9 billion
? Cash inflows from our portfolio management totaling US$2.4 billion in the quarter, besides the receipt related to the coparticipation agreement in Búzios, from our partners CNOOC and CNODC, of US$ 2.9 billion
? Approval of advance payment of dividends in the amount of R$ 2.44 per share, in addition to the R$ 2.42 approved in 2Q21
? Capex of US$6.1 billion in the nine months of 2021, up 2.2% from the same period in 2020
? Ambition to achieve neutrality of greenhouse gas emissions from scope 1 and 2 operations, alongside the intention to influence the achievement of the same objective in non-operated assets, within a period compatible with that established by the Paris Agreement
? Completion of the obligations relative to the agreement signed with the US Department of Justice (DoJ). Petrobras fulfilled its obligations, including the improvement of its integrity program and the delivery of information to the DoJ during the three-year agreement, which we fully complied with


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