Petrobras reports net profit of BRL 124.6 bi in 2023

The net profit of Petrobras in 2023 fell 33.8 percent compared to the previous year’s result. According to data released late Thursday night (Mar. 7) by the state-owned company, the figure stood at BRL 124.6 billion in 2023, down from BRL 188.3 billion in 2022.

Despite the decline, this was the second highest net profit recorded by Petrobras, second only to last year’s figure. EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at BRL 262.2 billion in 2023, while operating cash flow closed out the year at BRL 215.7 billion.

The year’s results are reported to have been sustained by operating records throughout 2023 and by the commercial strategy for diesel and gasoline, which the state-owned company considers to have been successful.

Among the year’s records are daily production of 2.17 million barrels in pre-salt, 10 percent higher than in 2022; S-10 diesel production at 428 thousand barrels per day; and utilization of the refining park at 92 percent, four percentage points higher than the previous year.

Financial debt was reduced by $1.2 billion in the year, with gross debt at $62.2 billion, even after chartering four new production platforms.