Africa-Press – Cape verde. Petrobras recorded losses of 430 million euros in the second quarter of the year, after having recorded profits of 4.74 million euros in the same period of 2023, indicated the largest Brazilian oil company.
The state-controlled company explained, in a statement released on Thursday, that the losses were caused by an agreement signed with the Government, to end old tax disputes related to the payment of ship freight, which cost Petrobras 19.8 billion reais (around 3.27 billion euros).
As for the first six months of the year, the company recorded a net profit of 3.47 billion euros in the first half of the year, a drop of 68.5% compared to the same period in 2023.
According to Petrobras, without the agreement with the Government and the strong devaluation of the real recorded so far this year, which caused losses of 12.5 billion reais (around 2.06 billion euros), Petrobras’ half-year profit would have amounted to 54.8 billion reais (8.98 billion euros).
The company, controlled by the State but with shares traded on the São Paulo, New York and Madrid stock exchanges, indicated that it will distribute 2.2 billion euros in dividends and interest on equity, the minimum amount expected for shareholders.
Following the quarterly losses, Petrobras reduced its projection for investment this year from 16.95 billion euros to a level between 12.37 billion euros and 13.28 billion euros, but clarified that the decrease will not impact the objective of increasing production.
The company reported that, in the first half of the year, it has already increased production of oil and natural gas equivalent by 3.1%, to an average of 2.7 million barrels per day.
Regarding the production of petroleum derivatives, Petrobras reported that it increased by 1%, to 1.75 million barrels per day, in the second quarter of the year.
The increase did not prevent fuel sales in Brazil from falling 2% to 1.7 million barrels per day in the second quarter. Gasoline sales fell 8%.
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