Q4 2024 Petroleo Brasileiro SA Petrobras Earnings Call Transcript

Feb 27, 2025 / 03:00 PM GMT

Release Date Price: €6.83 (-3.19%)

Transcript

Key Points

Positve

Petroleo Brasileiro SA Petrobras (PBR) generated over 200 million reisis in cash and paid over 102 billion reisis in dividends in 2024.
Investments increased by 31% to $16 billion, and financial debt was reduced to the lowest level since 2008.
The company started operations of an FPSO in the Bozio's field, which is the largest deepwater operations field in the world, with a capacity of 225,000 barrels of oil a day.
Petroleo Brasileiro SA Petrobras (PBR) set new records in its pre-sal project, which now accounts for 80% of the company's production.
The company returned to the Dow Jones index of sustainability, recognized for its efforts in environmental, social, and governance areas.

Negative

Petroleo Brasileiro SA Petrobras (PBR) reported a loss of 17 billion reisis in Q4 2024 due to an accounting event related to exchange rate variations.
The depreciation of Brent crude and the diesel crack spread negatively impacted the company's financial results.
There were several impacts from maintenance shutdowns in 2024, affecting production levels.
The company faced challenges with environmental licensing, particularly in the equatorial margin, which could impact future exploration activities.
There was a significant increase in the cost of new units, attributed to industry inflation and increased complexity.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PETR4.SA - Petroleo Brasileiro SA Petrobras
Q4 2024 Petroleo Brasileiro SA Petrobras Earnings Call
Feb 27, 2025 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone. Welcome to Petrobras' full year 2024 earnings webcast with analysts and investors.

We apologize with the technical issues we've had. We were able to overcome them, and we will now begin.

This event will be presented in Portuguese with simultaneous translation into English. The links for both languages are available on our investor relations website. We'd like to inform you that all participants are currently connected to the webcast and at D mode.

After our introductions, we will have our Q&A and you'll be able to send your questions via email to petroinvest at petrobras.com.br.

Joining us today are Petrobras's President Magda Chambrard,

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