Petrobras posted 124.6 billion reais net income in 2023. This is the second highest amount in the company’s history and is accompanied by the second highest EBITDA in history, 262.2 billion reais, and the second highest operating cash flow, 215.7 billion reais. These results were supported by operational records over the past year and the successful commercial strategy for diesel and gasoline.
Comparing 2022 and 2023, the international price of oil (Brent) fell 18% and the pricing difference between diesel and oil (crackspread) fell 23%. 'Even facing a more challenging scenario, we broke production records after production records, increased investments, reduced financial debt and put four new platforms into operation in this first year of management. All while lowering emissions intensity and increasing efficiency. Therefore, we celebrate the achievements of 2023 and share the gains with Brazilian society', highlighted Jean Paul Prates, Petrobras’ CEO.
In 2023, Petrobras invested US$ 12.7 billion, a 29% growth compared to the previous year. Furthermore, the company paid R$ 240 billion in taxes to the Federal Government and other government entities. 'We are closer to society. To give an example, during this administration, we launched the largest calls for socio-environmental and cultural projects in the history of Petrobras', adds Jean Paul.
Petrobras’ shareholder return far surpassed that of peer companies throughout 2023. The TSR – Total Shareholder Return, which takes into account the payment of dividends and the variation of preferred ADRs on the New York Stock Exchange, was 112%, a much higher percentage than that of other companies of the same size in the industry, which reached 20% maximum.
Over the year, Petrobras’ contributions to society were also recognized in several awards. Petrobras was the only company awarded in the five good practices categories of the Transparency Movement Brazil of the UN Global Compact.
Another result that stands out in Petrobras’ financial numbers in 2023 is the US$ 1.2 billion reduction in the company’s debt. Gross debt remains under control, at US$ 62.6 billion, even after accounting for a US$ 10 billion increase due to leases, including US$ 8.7 billion related to the lease of the four new production platforms that started production in 2023: the FPSOs Anna Nery and Anita Garibaldi, in the Marlim and Voador revitalization project, the FPSO Almirante Barroso, the fifth unit to come into operation in the Búzios field, and the FPSO Sepetiba, the second definitive production system in the Mero field. Platform leases started being listed as debt in 2019 under the international accounting standards (IFRS 16).
'The 2023 financial results show that we are building a more sound and more resilient Petrobras, capable of generating long-term value for its shareholders and society. The company’s growth will also reflect in the country’s socioeconomic development. The investments foreseen in the 2024-2028 Strategic Plan have the potential to generate 280 thousand direct and indirect jobs', highlighted Petrobras’ Financial and Investor Relations Officer, Sérgio Caetano Leite.
'This is the first year of a journey that will make Petrobras a leader of the fair energy transition in Brazil, in a gradual and conscious way. We will face the challenges by exploiting the synergies between our businesses and leveraging our expertise, never neglecting value creation, as it should be the case for a company that wants to remain competitive and perpetuate value for future generations', highlighted the Petrobras’ CEO, Jean Paul Prates.
Operating records
Petrobras also broke several operational records in 2023. Total own production in the pre-salt reached 2.17 million barrels of oil equivalent, 10% above the recorded in the previous year. As a result, the pre-salt already represents 78% of the company’s total production. The good productivity of the deposits on this frontier was once again proven by FPSO Almirante Barroso reaching peak production in record time: less than 5 months.
In 2023, Petrobras also achieved records in the processing of pre-salt oils, which represented 65% of the cargo processed in Refining, 3% above the 2022 volume; and in the production and sales of S-10 diesel: Production of 428 thousand barrels per day (bpd) and sales of 463 thousand (bpd). At the same time, the utilization factor of the refining park reached 92%, a 4% increase compared to 2022.
2023 was also marked by carbon efficiency records in both Refining and E&P, which allowed a reduction of 1.8 million tons of CO2e in absolute emissions compared to 2022. Compared to 2015, when the Paris Agreement was signed, the reduction is already over 40%. In addition, Petrobras achieved its best historical result in methane emissions reduction, one of its priorities.
Access Petrobras’ 2023 complete financial results here.
Source: Petrobras
