Petroleo Brasileiro SA Petrobras (Petrobras) reported its financial results for the first quarter of 2024, revealing a decrease in net income attributable to shareholders by 34.9% to $4,782 million compared to $7,341 million in the same period of the previous year. The Brazilian oil giant experienced a decline in sales revenues by 11.2% to $23,768 million, primarily due to lower domestic market oil products revenues and a decrease in exported crude oil revenues. Despite a slight increase in the average Brent crude price, the company faced a reduction in average domestic basic oil products prices. Cost of sales saw a 9.1% decrease, benefiting from lower acquisition costs for imported crude oil and oil products. The company's capital expenditures increased by 22.6% to $3,043 million, with the majority directed...Show More

Petroleo Brasileiro SA Petrobras (Petrobras) reported its financial results for the first quarter of 2024, revealing a decrease in net income attributable to shareholders by 34.9% to $4,782 million compared to $7,341 million in the same period of the previous year. The Brazilian oil giant experienced a decline in sales revenues by 11.2% to $23,768 million, primarily due to lower domestic market oil products revenues and a decrease in exported crude oil revenues. Despite a slight increase in the average Brent crude price, the company faced a reduction in average domestic basic oil products prices. Cost of sales saw a 9.1% decrease, benefiting from lower acquisition costs for imported crude oil and oil products. The company's capital expenditures increased by 22.6% to $3,043 million, with the majority directed towards profitable oil and gas production projects. Petrobras' gross debt decreased by 1.2% to $61,838 million, while net debt also saw a reduction of 2.4% to $43,646 million. The company's liquidity and capital resources remained strong, with a positive free cash flow of $6,547 million and adjusted cash and cash equivalents totaling $18,192 million by the end of the period.