Latest news with #FernandoMelgarejo
Yahoo
2 days ago
- Business
- Yahoo
Petrobras achieves $4.7bn profit in Q2 2025, announces $1.6bn dividend for shareholders
Brazilian state oil company Petrobras has reported a second-quarter (Q2) net profit of 26.7bn reais. This marks a substantial turnaround from a net loss of 2.6bn reais in the same period last year, according to a Reuters report. Despite a considerable drop in Brent oil prices, Petrobras' recurring net profit remained stable compared to Q1. Petrobras also announced dividends and interest on equity to shareholders totalling 8.66bn reais. Petrobras CFO Fernando Melgarejo said: "We had excellent operational performance in the second quarter, driven by the implementation of new production systems and improved efficiency in operating fields. 'These factors allowed us to increase oil and gas volumes, positively impacting our financial results and offsetting the impacts of the drop in Brent prices. Net income, excluding the unique events of the period, remained at the same level as the previous quarter, when we operated with 10% more Brent.' Furthermore, adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) saw a 5.1% increase to 52.3bn reais. The company noted that this stability was maintained even with Brent prices averaging $67.82 per barrel (bbl) in Q2, down from $75.66/bbl in the previous quarter. The company's capital expenditure reached $4.4bn in Q2, a 9% increase from Q1, aligning with Petrobras' strategic targets. Furthermore, Petrobras expects its oil and gas output to reach the upper end of its 2025 target, with full-year production guidance set at 2.8 million barrels of oil equivalent per day, allowing for a 4% variance. Highlighting a robust production performance, Petrobras reported a 7.6% increase in oil production during Q2, achieving 2.32 million barrels per day in Brazil. This boost is largely due to the ramp-up of new production vessels, which have significantly contributed to the output. In Q2, four floating production vessels enhanced productivity, with one reaching peak production and another starting operation ahead of schedule. "Petrobras achieves $4.7bn profit in Q2 2025, announces $1.6bn dividend for shareholders" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
Brazil's Petrobras sees low chances of extra dividends this year
SAO PAULO/RIO DE JANEIRO, Aug 8 (Reuters) - Brazilian state-run oil giant Petrobras sees a low probability of paying extraordinary dividend this year, Chief Financial Officer Fernando Melgarejo said on Friday, citing lower revenues after a drop in global oil prices. Melgarejo added that the firm is not considering changes to its ordinary dividend policy. Petrobras on Thursday announced dividends and interest on equity to shareholders of 8.66 billion reais ($1.60 billion) as it reported a swing to a second-quarter net profit of 26.7 billion reais. ($1 = 5.4217 reais)
Iraqi News
3 days ago
- Business
- Iraqi News
Brazil's Petrobras posts $4.7 bn second-quarter profit
Brasília – Brazil's state-owned oil company Petrobras posted a hefty net profit of $4.7 billion in the second quarter, recovering sharply from net losses in the same period last year, the company said Thursday. The energy giant attributed the strong performance, which compared with a loss of $469 million in April-June 2024, partly to increased oil production. Company president Magda Chambriard hailed the 'excellent' results, with daily production in the period exceeding two million barrels of crude, an increase from the same period last year. It managed to increase gas and oil volumes with new production systems and greater 'efficiency,' which was 'positively reflected in the financial results,' said chief financial officer Fernando Melgarejo. Petrobras reported a net profit of $6 billion in the first quarter, a 48.5 percent increase year on year. The firm is awaiting a license from environmental authorities to begin exploratory drilling in an area of approximately 350,000 square kilometers (135,135 square miles) in the Equatorial Margin, near the mouth of the Amazon River in northern Brazil. President Luiz Inacio Lula da Silva supports the oil megaproject, arguing that the energy transition requires significant revenues to finance it. But he faces criticism from environmental organizations, months before Brazil hosts the COP30 climate summit in November in the Amazonian city of Belem. Petrobras also said Thursday it had approved $1.6 billion in dividend payments to shareholders as an advance on remuneration for the 2025 fiscal year.
Reuters
4 days ago
- Business
- Reuters
Petrobras announces $1.6 bln dividend as it swings to Q2 net profit
SAO PAULO, Aug 7 (Reuters) - Brazilian oil firm Petrobras on Thursday announced dividends and interest on equity to shareholders of 8.66 billion reais ($1.60 billion) as it reported a swing to a second-quarter net profit of 26.7 billion reais. The result represented a significant improvement from a net loss of 2.6 billion reais for the same period a year earlier. "We had excellent operational performance in the second quarter, driven by the implementation of new production systems and improved efficiency in the fields in operation," Chief Financial Officer Fernando Melgarejo said in the company's earnings report. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 5.1% in the period, to 52.3 billion reais, the company said in the report. Recurring net profit, which strips out one-off items, remained stable versus the first quarter of the year, despite a significant decline in Brent prices, Melgarejo said. Brent oil prices averaged $67.82 per barrel in the second quarter, Petrobras said, compared to $75.66 per barrel in the first three months of the year. Capital expenditure, or capex, totaled $4.4 billion in the quarter, up 9% from the previous three months and in line with the company's targets, it said. In a separate presentation, Petrobras said it expects its oil and gas output to hit the upper end of its target in 2025. Its full-year production guidance stands at 2.8 million barrels of oil equivalent per day (boed), with 4% leeway. ($1 = 5.4156 reais)
Yahoo
13-05-2025
- Business
- Yahoo
Petrobras Announces Substantial Dividend Payment After Strong Quarter
Brazil's state oil firm Petrobras will pay $2.1 billion in dividends for the first quarter after posting a jump in net income due to one-off items. Petrobras reported a net income of $6.2 billion (35.2 billion Brazilian reals) for the first quarter, up by 48.6% from a year earlier, due to one-off items and more favorable exchange rates. Without the one-off items, net income dropped by 12.1% year-over-year. Petrobras' board of directors approved the payment of interim dividends of $2.1 billion (11.72 billion reals), saying that the proposed payment is in line with the current Shareholder Compensation Policy. Under the policy, if gross debt is equal to or less than the maximum debt level in the Strategic Plan (currently set at $75 billion), Petrobras must distribute 45% of free cash flow to its shareholders. 'This distribution is consistent with the financial sustainability of the company,' the Brazilian oil giant said. Higher investments than initial guidance raised concerns among investors that Petrobras could limit shareholder distributions. Petrobras generated higher cash flows, mainly due to a 5% increase in production volume compared to the previous quarter, chief financial officer Fernando Melgarejo said in a statement. This production growth was reflected in adjusted EBITDA, which rose 46% compared to the fourth quarter of 2024, Melgarejo added. Despite the significant slide in oil prices at the start of the second quarter, Petrobras remains committed to executing its current Business Plan, the executive said. Investments were $4 billion in the first quarter of the year, representing 22% of the annual guidance. 'These investments are focused on pre-salt projects, with emphasis on the Búzios and Atapu fields. We are drilling and connecting more wells and advancing in the construction of new units that will support the growth of our production curve,' Melgarejo said. 'These are projects that generate value for our shareholders and will translate into revenue in the upcoming years.' Last week, Petrobras announced a new oil discovery in the pre-salt Santos Basin, identifying 'high-quality oil without contaminants' at an exploratory well in the Aram block. By Tsvetana Paraskova for More Top Reads From this article on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
