Petrobras records net profit of BRL 44.5 billion in first quarter

In the same period, the company paid around BRL 70 billion in taxes

Published in 06/05/2022 - 12:11 By Vladimir Platonow - Repórter da Agência Brasil - Rio de Janeiro

Petrobras recorded in the first quarter of this year a net income of BRL 44,5 billion ($ 8,8 billion dollars), which represented a growth of 41,4 percent in relation to the previous quarter when BRL 31,5 billion were registered. The data were released on Thursday (April 5) by the Financial Performance Report for the 1st Quarter of 2022.

“This financial result is due to the fact that we now have a restructured Petrobras, which has reduced debt payment charges, invests responsibly, and operates efficiently. Therefore, it is possible to generate this important financial return for the shareholders, especially the Brazilian society, represented by the Federal Government,” reiterated Petrobras president José Mauro Coelho.

Coelho also explained taxes one and a half times the amount of the net income for the quarter - around BRL 70 billion ($ 13,9 billion dollars) have been paid to federal, state, and municipal governments.

In operational terms, the state-owned company`s net profit was mainly a reflection of better efficiency, greater production, and export of oil, lower costs with imports of liquefied natural gas (LNG), exchange gains due to the appreciation of the Brazilian real in relation to the American dollar and oil prices in the period.

“About 80 percent of the gains in the period came from Exploration and Production (E&P) activities and 20 percent from gains from other segments, such as refining,” informed Petrobras.

Translation: Mário Nunes -  Edition: Fábio Massalli / Nira Foster

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