Summary by Moomoo AI
Petrobras reported a net income of $5.9 billion in Q3 2024, with sales revenue reaching $23.4 billion. For the nine months ended September 30, 2024, net income totaled $10.4 billion on revenue of $70.6 billion, despite a 6.2% YoY decline in sales.The company's Board of Directors approved a new dividend distribution of $3 billion ($0.2346 per share) for Q3 2024, to be paid in two equal installments in February and March 2025. This follows earlier distributions of $5 billion for the first half of 2024. The company also completed its share buyback program in August 2024, repurchasing 155.5 million preferred shares for $1.1 billion.Operating highlights include successful debt management with total debt reduced to $25.8 billion from $28.8 billion at year-end 2023. The company maintained strong liquidity with $8.7 billion in cash and cash equivalents, while capital expenditures focused on production development in the Búzios field and other basins.
