Summary by Futu AI
Petrobras reported net income of $10.3 billion for Jan-Sep 2024, down 44.7% from $18.6 billion in the same period of 2023. Sales revenues decreased 6.2% to $70.6 billion, mainly due to lower domestic oil product prices and volumes. Operating expenses increased 27.8% to $11.9 billion, impacted by higher logistical costs and labor agreement effects.The company maintained strong operational performance with total production of 2,721 mboed, only slightly below 2023 levels. Refinery utilization reached 93%, up from 91% last year. Capital expenditures increased 19.5% to $10.9 billion, primarily directed toward oil and gas production projects, especially in the Santos Basin.Financial position remained solid with net debt of $44.3 billion as of September 2024, down 1% from year-end 2023. Free cash flow reached $19.6 billion for the period. The company continued its liability management strategy, reducing gross debt by 5.5% to $59.1 billion while maintaining strong liquidity with $14.9 billion in adjusted cash and cash equivalents.
