Summary by Futu AI
Petroleo Brasileiro SA Petrobras (Petrobras) reported its financial results for the first half of 2024, revealing a decrease in net income attributable to shareholders by 66.3% to $4,438 million compared to $13,169 million in the same period of 2023. Sales revenues decreased by 5.1% to $47,235 million, primarily due to lower domestic market oil products revenues and a decrease in domestic market crude oil revenues, partially offset by an increase in exported crude oil revenues. The company's cost of sales saw a 3.1% decrease, mainly due to lower acquisition costs for imported crude oil and oil products. However, income expenses increased by 45%, and net finance expenses rose significantly due to a foreign exchange loss reflecting the depreciation of the Brazilian real against the US dollar. Capital expenditures increased by 12.5% to $6,436 million, with the majority directed towards profitable oil and gas production projects. The company's gross debt decreased by 4.7% to $59,630 million, while net debt increased by 3.3% to $46,160 million. The results were translated from Brazilian reais to U.S. dollars using the average exchange rates during the period.
