Petrobras reached record profit of US$36 billion in 2022

Petrobras reached a record net profit of R$ 188.3 (US$36.3) billion in 2022, according to the report released Wednesday night (Mar. 1). The amount is 77% higher compared to 2021 and will also have a payment of R$ 35.8 billion in dividends to investors.

According to the state-owned company, the record performance was “mainly due to higher oil prices (Brent), better financial results and gains from co-participation agreements in the Onerous Transfer of Rights fields” (see full report).

The company’s debt ended the year 16% lower than the previous year, a level considered “healthy” for companies of the size and performance segment of the oil company.

“Evidence is that the debt commitment with interest payments is equivalent today to only 14 days of operating cash generation of 2022,” it says in a statement.

Also, according to Petrobras, the investments made throughout 2022 totaled US$9.8 billion (R$ 50.7 billion), an increase of 12% compared to 2021.

The company also paid the Union R$ 279 billion in taxes and government participation.