Petroleo Brasileiro ( (PBR) ) has released its Q3 earnings. Here is a breakdown of the information Petroleo Brasileiro presented to its investors.
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Petroleo Brasileiro, commonly known as Petrobras, is a state-controlled oil and gas company headquartered in Brazil, operating in the exploration, production, refining, and marketing of oil, natural gas, and related products with a focus on the Brazilian market and growing interests in renewable and low-carbon energy solutions.
In the third quarter of 2024, Petrobras maintained steady oil, NGL, and natural gas production levels, matching the previous quarter’s output. Key highlights included the operational launch of new production systems such as the FPSO Maria Quitéria and significant milestones in refining and production efficiency, underscoring the company’s commitment to enhancing operational performance and environmental sustainability.
Petrobras reported a total production of 2,689 Mboed, with notable peaks in the Mero field and increased production in the pre-salt fields. The company achieved a 4.2% increase in domestic oil product sales, driven by seasonal demand, and set new records in refinery utilization and gasoline production. Strategic advancements included the start-up of the Rota 3 Natural Gas Processing Unit and the first commercial sales of Diesel R with renewable content.
In refining, Petrobras improved its operational efficiency, achieving a 97% utilization rate in September and setting a new quarterly record in gasoline production. The company continues to focus on decarbonizing its operations, marked by a strategic partnership with Vale to explore low-carbon product offerings. Meanwhile, the Gas & Low Carbon Energies segment saw a 13.6% increase in natural gas sales, backed by higher domestic production and LNG imports.
Looking ahead, Petrobras remains committed to its strategic growth plans with an emphasis on efficiency and sustainability. The company aims to sustain production within its 2024-28+ Strategic Plan’s guidance, leveraging new platform start-ups and enhanced production systems to meet future demand while aligning with its decarbonization objectives.
