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Petroleo Brasileiro SA Petrobras | 6-K:Performance Report 2Q24

SEC announcement ·  Aug 9 21:02
Summary by Futu AI
Petroleo Brasileiro SA Petrobras (Petrobras) reported its financial performance for the second quarter of 2024, highlighting a net profit of $5.4 billion excluding non-recurring items and exchange rate effects. The company maintained strong cash generation, allowing for $3 billion in investments, adherence to shareholder remuneration policy, and dividend payments. Despite significant legal disputes, the adherence to the Tax Transaction was viewed positively by the market, resolving billion-dollar disputes and bringing certainty to cash flow. The company's financial debt reached its lowest level since the third quarter of 2008, standing at $26.3 billion. Capex for the first half of 2024 was $6.4 billion, a 12.5% increase from the previous year. The company also reported a reversal of impairment losses due to the resumption of operations at Araucária Nitrogenados S.A. (ANSA) and increased contributions to society with 24% higher tax payments compared to the second quarter of 2023. Dividends and interest on equity of R$13.6 billion are set to be paid in two installments in November and December.
Petroleo Brasileiro SA Petrobras (Petrobras) reported its financial performance for the second quarter of 2024, highlighting a net profit of $5.4 billion excluding non-recurring items and exchange rate effects. The company maintained strong cash generation, allowing for $3 billion in investments, adherence to shareholder remuneration policy, and dividend payments. Despite significant legal disputes, the adherence to the Tax Transaction was viewed positively by the market, resolving billion-dollar disputes and bringing certainty to cash flow. The company's financial debt reached its lowest level since the third quarter of 2008, standing at $26.3 billion. Capex for the first half of 2024 was $6.4 billion, a 12.5% increase from the previous year. The company also reported a reversal of impairment losses due to the resumption of operations at Araucária Nitrogenados S.A. (ANSA) and increased contributions to society with 24% higher tax payments compared to the second quarter of 2023. Dividends and interest on equity of R$13.6 billion are set to be paid in two installments in November and December.
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