Petrobras Receives International Award for Debt Management

Source: www.gulfoilandgas.com 2/11/2022, Location: South America

Petrobras informs that it was the winner of the "Deals of the Year" award, promoted by the North American magazine Latin Finance, in the category that highlights the best corporate debt management operation (Corporate Liability Management of the Year), in the year 2021. This is the fourth time, in the last five years, that Petrobras has been recognized with this award.

The award is further recognition of the work developed over the last few years, which took the company from a debt equivalent to US$ 160 billion in 2014 to a level of US$ 60 billion in September 2021. "Winning this award is evidence of the consistency of the path taken by Petrobras to recover and, now, preserve its financial health. This is the foundation for growth in the coming years, and one that will allow the company to generate more and more return and wealth for society," says Petrobras CEO, Joaquim Silva e Luna.

This level, considered healthy for a company like Petrobras, was reached in the third quarter of last year, more than a year before the goal set by the company, which forecasted the achievement only by the end of 2022. "Petrobras was once considered the most indebted oil and gas company in the world. With hard work, execution capacity, and a focus on resilient, high value-added projects, the company finally reached its optimal capital structure, recovered its financial sustainability, and its ability to invest and consistently distribute the value it generates. An impressive corporate turnaround, accomplished with the company's own resources," remembers Petrobras CFO, Rodrigo Araujo Alves.


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