Even in the event of a pandemic, Petrobras ended the quarter with a profit of R $ 1.2 billion

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Even as the pandemic worsens in the country, Petrobras earned a net profit of R $ 1.2 billion in the first quarter of the year. On a note, the company reported that the first quarter of the year was positively affected by the increase in oil prices and lower recurring operating expenses.

The company explained that generating expressive cash – R $ 31.1 billion from positive free cash flow – and cash inflows related to the sale of assets (1.1 billion R $) made it possible to sustain the planned investments and reduce leverage strongly in a challenging scenario.

During the quarter, Petrobras reduced its total debt by $ 4.6 billion. In April, there was already a massive additional cut of $ 3.2 billion. In doing so, Petrobras reaches the level of $ 68 billion in total debt, which is very close to the $ 67 billion target expected by the end of 2021.

Regarding the operating result, in the first quarter of 2021, Petrobras increased its production of oil and natural gas by 3% compared to the fourth quarter of 2020, reflecting the increased production of the P-70 platform installed in the Atapo field. Highlight is the increased production of pre-salt salt which accounts for 69% of Petrobras’ total production.

With information from AgĂȘncia Brasil.

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About the Author: Camelia Kirk

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