Petrobras gains efficiency and profits R $ 40 billion in 2019, the largest in history

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Petrobras
Adjusted EBITDA grew by 12.5% ​​compared to 2018, due to lower production costs (Image: YouTube from Petrobras)

THE Petrobras (PETR3; PETR4) had a net profit of R $ 8.15 billion in the fourth quarter of last year, compared to R $ 2.1 billion in the same period of 2018 (+ 287%), the company said on Wednesday.

The numbers were lower than expected by analysts consulted by Bloomberg, of R $ 15.979 billion.

Adjusted earnings before interest, taxes, amortization and depreciation (Ebitda) amounted to R $ 36.53 billion between October and December, an increase of about 25% compared to the same period in 2018.

In 2019, net income was R $ 40.1 billion, up 55.7%, compared to R $ 25.8 billion in 2018.

The figures were influenced by the capital gain on divestments (mainly TAG, BR Distribuidora and Exploration & Production assets), partially offset by higher financial expenses with debt management in the capital market, higher impairment and lower Brent prices.

Adjusted Ebitda grew 12.5% ​​compared to 2018, due to lower production costs and lower contingencies.

“After years of stagnation, our oil and gas production surpassed the mark of 3 million barrels per day. The average cost of extraction in
cash basis reached US $ 6.5 per barrel in the fourth quarter of 2019, falling by US $ 3.0 compared to the beginning of 2018. Operations in the
pre-salt, with a cost of US $ 3 per barrel, made a relevant contribution to the fall in the total average cost ”, points out Petrobras in its document.

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