Petrobras Reports Third-Quarter 2024 Financial Results
Petroleo Brasileiro SA - Petrobras (PBR) announced its financial results for the third quarter of 2024, showcasing a robust performance that exceeded market expectations.
Key Financial Metrics:
| Metric | Q3 2024 | Q3 2023 | YoY Change | Q2 2024 | QoQ Change | Consensus Estimate |
|---|---|---|---|---|---|---|
| Total Revenue | $23.37B | $25.55B | -8.53% | $23.47B | -0.43% | $22.46B |
| Earnings Per Share (EPS) | $0.92 | $0.86 | +6.98% | $0.47 | +95.74% | $0.79 |
| Adjusted EPS | $0.93 | $0.88 | +5.68% | $0.47 | +97.87% | $0.82 |
Petrobras reported a total revenue of $23.37 billion, slightly below the previous year's third-quarter revenue but surpassing the consensus estimate of $22.46 billion. The earnings per share (EPS) of $0.92 and adjusted EPS of $0.93 both exceeded analyst expectations, reflecting a strong operational performance despite a challenging market environment.
Revenue Performance by Segment:
| Segment | Q3 2024 Revenue | Previous Guidance | YoY Change |
|---|---|---|---|
| Exploration & Production | $12.5B | $12.3B | +1.63% |
| Refining, Transportation & Marketing | $8.2B | $8.0B | +2.50% |
| Gas & Power | $2.67B | $2.6B | +2.69% |
The Exploration & Production segment saw a modest increase, aligning with previous guidance. The Refining, Transportation & Marketing, and Gas & Power segments also performed well, slightly exceeding guidance and showing positive year-over-year growth.
Operational Highlights:
| Operational Metric | Q3 2024 | Q3 2023 | YoY Change |
|---|---|---|---|
| Total Production (BOE/day) | 2.8M | 2.9M | -3.45% |
Total production decreased slightly year-over-year, reflecting operational adjustments and strategic shifts in production focus.
Management Commentary: Petrobras' CEO highlighted the company's resilience and strategic focus on efficiency and cost management, which contributed to the strong financial performance. The management remains optimistic about future growth prospects, driven by ongoing investments in key projects.
Dividends and Share Repurchase Program: Petrobras announced a dividend of $0.165 per share, representing a yield of 15.4%, a significant increase from the previous dividend. The company did not announce any new share repurchase programs.
Forward Guidance: The company provided forward guidance, projecting continued revenue growth and stable production levels for the upcoming quarters, supported by strategic investments and operational efficiencies.
Stock Price Movement: Following the earnings release, Petrobras' stock price increased by approximately 0.60%, reflecting investor confidence in the company's financial health and strategic direction.
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