Q2 2024 Petroleo Brasileiro SA Petrobras Earnings Call (English, Portuguese) Transcript
Key Points
- Petroleo Brasileiro SA Petrobras (PBR) reported solid results for Q2 2024, with significant advantages from a tax agreement with the Ministry of Finance.
- The company achieved a 2.4% increase in oil and gas production over the last 12 months, with pre-salt contributing 81% of total volume.
- Petroleo Brasileiro SA Petrobras (PBR) maintained a high refining utilization factor of 91% in Q2 2024, with strong sales of byproducts.
- The company reached its lowest financial debt level since Q3 2008, with a robust cash position of over $13 billion.
- Petroleo Brasileiro SA Petrobras (PBR) announced dividends and interest on own capital for Q2 2024, totaling BRL 14.3 billion, demonstrating strong cash generation and commitment to shareholder returns.
- The company faced a significant exchange rate variation, resulting in a negative impact of USD 2.3 billion due to the depreciation of the Brazilian real versus the US dollar.
- Non-recurring events, including a tax transaction expense of USD 2.1 billion, led to an accounting loss of $300 million for the quarter.
- There were delays in obtaining licenses from Ibama, impacting production and causing a 2% reduction in the production curve for the year.
- Petroleo Brasileiro SA Petrobras (PBR) experienced unforeseen downtimes and incidents at several platforms, affecting production levels.
- The company faces challenges in the global supply chain, with increased demand and competition for resources due to geopolitical events.
Good morning, and welcome to Petrobras' earnings call for analysts and investors. We are going to discuss our results for the second quarter of 2024. It's a pleasure to have you here. This event will be held in Portuguese, but it is being simultaneously translated into English. You may access the links to both languages on our Investor Relations website. (Event Instructions)
We have with us Clarice Coppetti, Executive Director of Corporate Affairs; Claudio Schlosser, Executive Director for Logistics, Trade and Markets; Fernando Melgarejo, Executive Director of Finance and Investor Relations; Mário Spinelli, Executive Director for Governance and Compliance; Mauricio Tolmasquim, Executive Director for Energy Transition and Sustainability; Renata Baruzzi, Executive Director for Engineering Technology and Innovation, Wagner Victer, Executive Director for Production and Processes; and William Francis, Executive Director for Industrial Processes and Products. We also have other executives from the company with us.
We
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