Petrobras net profit up 77% in one year

Petrobras recorded a net income of BRL 188.3 billion in 2022, up 77 percent from the previous year. The data were published by the state-controlled oil giant on Wednesday (Mar. 1).

In the fourth quarter of the year alone, profits reached BRL 43.3 billion, up 38 percent from the same time span in the year prior.

The surge in the year, Petrobras stated, can be explained mainly by high oil prices globally. Some gains also stem from co-participation agreements in oil exploration in the company’s fields.

Earnings

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached a record BRL 340.5 billion in 2022, up 45 percent from 2021. In the last quarter, they added up to BRL 73.1 billion.

In 2022, a record was also registered in the annual payment of taxes and government participation in Brazil—BRL 279 billion.

In the same year, the organization’s financial debt closed at $30 billion, 16 percent less than in 2021.