Petrobras reverses profit and reports a loss of R$ 17.04 billion in Q4

Petrobras reported a net loss of R$ 17.04 billion in the fourth quarter of 2024, reversing the profit observed in the previous quarter. Furthermore, the number, released on the evening of this Wednesday (26), came in below the LSEG consensus, which was R$ 29.9 billion.

The company stated that the loss primarily reflects the impact of currency devaluation, an event of exclusively accounting nature, larger provisions, with no cash effect, in operating expenses, partially offset by lower IR/CSLL. Excluding the exclusive events, Petrobras would have recorded a profit of R$ 17.7 billion.

In the annual summary, the company had a profit of R$ 36.6 billion, a decrease of 70.6% compared to 2023. This figure comes after Petrobras recorded the second highest net profit in its history in 2023, amounting to R$ 124.6 billion.

The net revenue of the state-owned oil company was R$ 121.268 billion, a decrease of 9.7% for the year but within consensus. The adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) stood at R$ 40.968 billion, a decrease of 38.7% for the year.

Operating expenses totaled R$ 43.081 million in Q4 2024, an increase of 31.9% compared to the same period in 2023.

Free cash flow totaled R$ 21.703 billion in the quarter, a decrease of 35.7% year-over-year.

As of December 31, 2024, the company's net debt was US$ 52.240 billion, an increase of 16.9% compared to the same period in 2023