Despite the drop of 32.9%, Petrobras ranks third in oil industry profitability in H1 2023

In the first half of 2023, Petrobras secured the third spot among the world’s top oil companies in terms of net profit, recording earnings of US$13.17 billion.

Leading the chart was Saudi Aramco with US$61.96 billion and Exxon Mobil at US$19.31 billion.

Rounding up the top five were Chevron, with profits of US$12.6 billion, and Shell at US$11.9 billion.

Petrobras positioned second when evaluating profit relative to revenue, only trailing behind Saudi Aramco.

However, when compared to H1 2022, the company’s profits marked a 32.9% decline, down from the previous year’s US$19.6 billion.

The release of Petrobras’ Q2 2023 financial statement, revealing a 47% dip in earnings from Q2 2022, drew criticism.

This decline coincided with introducing of a new pricing policy in March 2023. Still, the Q2 2023 earnings stood as the company’s third-highest for the second quarter.

The company’s president, Jean-Paul Prates, refuted claims linking the profitability decline to the altered pricing approach.

During the results announcement, Prates attributed the decreased earnings to the global downturn in oil barrel prices and narrowing fuel sales margins, especially for diesel.

Emphasizing the company’s resilience, Prates remarked that Petrobras’ performance surpassed the oil sector’s average despite the challenges.

He also assured that the company’s leadership remains committed to the new pricing strategy, independent of the Import Parity Price (PPI).

He likened the situation to “swimming in a suddenly half-empty pool, yet outperforming our peers.”

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error