Petrobras reported a net profit of R$35 billion (US$6 billion) in the first quarter of the year. The company also recorded strong cash generation, reaching an adjusted EBITDA of R$61 billion (US$10.5 billion) and an Operating Cash Flow (OCF) of R$49.3 billion (US$8.5 billion). The OCF represents the company's cash generation from its operations and is a key metric for evaluating a company's performance. Investments reached R$23.7 billion (US$4.1 billion), concentrated in pre-salt projects in the Búzios and Atapu fields. The 1Q25 Financial Results were released 05/12.
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'We started 2025 with robust operational and financial results, which reflect Petrobras’ technical capacity to overcome challenges and generate value for Brazilian society. We increased our production by 5.4% compared to the last quarter of 2024 and thus reached a cash position of US$ 8.5 billion with our operations, which allows us to invest to continue generating value and remunerating our shareholders,' said Petrobras CEO Magda Chambriard.
The financial result was positively impacted by the 7% appreciation of the exchange rate (real x dollar) at the end of the quarter. Disregarding this impact of the exchange rate variation and other exclusive events in the quarter, the net income recorded in the period was R$23.7 billion (US$4 billion), 31% higher than in 4Q24.
Adjusted EBITDA excluding exclusive events reached R$62.3 billion (US$10.7 billion), an 8% growth compared to the fourth quarter of 2024. The improvement in the result mainly reflects the increase in the volumes of oil produced and sold, in addition to the more favorable external scenario characterized by the increase in the diesel crackspread .
Petrobras returned R$65.7 billion in taxes paid to society during the period. R$11.72 billion in dividends and interest on equity related to the results of the first quarter of 2025 were approved.
Investments in the quarter
Petrobras invested R$23.7 billion (US$4.1 billion) in the first quarter of 2025, mainly due to progress in large pre-salt projects in the Santos Basin.
'We remain committed to executing our Business Plan, which is why we invested US$4.1 billion in the first quarter of the year, which represents 22% of the annual guidance. These investments are concentrated in pre-salt projects, especially in the Búzios and Atapu fields. We are drilling more wells and connecting them, and advancing in the construction of new units that will sustain our production curve. These are investment projects that generate value for our shareholders and will translate into revenue in the coming years,' says Fernando Melgarejo, CFO and Investor Relations Officer.
In the Refining, Transportation and Marketing segment, the highlights are the completion of RNEST Train 1 and progress in REPLAN's medium hydrotreatment (HDT) project.
Operational Highlights
In the first quarter of 2025, Petrobras' total oil and natural gas production reached 2.77 million barrels of oil equivalent per day (boed), which corresponds to an increase of 5.4% compared to the previous quarter. The FPSO Almirante Tamandaré entered production on February 15 in the Búzios Field, in the pre-salt layer of the Santos Basin. The FPSO has the potential to produce up to 225 thousand barrels of oil (bpd) daily and process 12 million cubic meters of gas. In the Mero Field, also located in the Santos Basin, the FPSO Alexandre de Gusmão arrived at the location and the unit is expected to begin operations between the 2nd and 3rd quarters of 2025.
New discoveries were confirmed in the Campos Basin (Brava North Block), in the Santos Basin (Aram and Búzios) and the TRF (Cased Well Formation Test) in Colombia (Sirius -2 well) was completed.
In the first quarter, the modernization works on RNEST Train 1 were also completed, increasing the refinery's processing capacity to 130 mbpd and the production capacity of S-10 diesel to 6,000 barrels per day. In early May, the commercial operation of the second module of the Natural Gas Processing Unit (UPGN) of the Boaventura Complex began, increasing the total processing capacity to 21 MM m3/d of gas.
In February 2025, Petrobras made its first sale of VLSFO ( Very Low Sulfur Fuel Oil ) with 24% renewable content in the Asian market, in partnership with Golden Island, a bunker supplier in Singapore. This sale is in line with Petrobras' strategy of developing sustainable and innovative products, contributing to a low-carbon market. Also in the commercial area, a contract was signed with the Indian state-owned company Bharat Petroleum Corporation Limited (BPCL) to export up to 6 million barrels of oil per year starting in 2025.
Also in the first quarter, Petrobras and BNDES signed a partnership to reforest the Amazon and strengthen the carbon credit market. The goal is to recover up to 50,000 hectares of forest and capture around 15 million tons of carbon.
Source: Petrobras
