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.