The earnings call presented a robust financial performance with significant positive developments in debt management and operational achievements. However, challenges such as production downtimes, exploration difficulties, and cost pressures were also highlighted.

Company Guidance

During the Q3 2024 earnings call for PETR4.SA, the company provided a comprehensive overview of its operational and financial performance, highlighting several key metrics. Production in 2P reached 3 billion barrels, with the Sepetiba FPSO in Mero achieving peak production in under eight months. The operational highlights included a 95% utilization rate for the quarter, contributing to the best historical level of greenhouse gas emissions in their refining park. Financially, Petrobras reported a recurring EBITDA of $11.6 billion and a recurring net income of $5.9 billion. Cash generation was robust, with $11.3 billion generated, marking a 24% increase quarter-on-quarter, and free cash flow amounted to $6.9 billion. Gross debt was reported at $59.1 billion, within the strategic plan's range, and the company approved dividends and interest on capital totaling BRL 17.1 billion. Additionally, Petrobras maintained a positive tax contribution, having paid BRL 64.4 billion in taxes, and reported an appreciation of the Brazilian real by 2% in Q3, positively impacting financial numbers. The call also discussed strategic investments, including $4.5 billion in the quarter, and the issuance of a 10-year bond of $1 billion, demonstrating a commitment to reducing leverage and optimizing debt management.

Strong Financial Performance

Recurring EBITDA was $11.6 billion, and recurring net income was $5.9 billion. Cash generation increased by 24% quarter-on-quarter, reaching $11.3 billion.

Natural Gas Expansion

Petrobras is ready to start commercial operations of natural gas production units in Rio, which will increase the offer of natural gas in Brazil, reaching 21 million cubic meters per day by year-end.

Debt Management Success

Financial debt decreased to $25.8 billion, the lowest level since 2008, aided by a successful issuance of a $1 billion 10-year bond at the lowest spread to U.S. treasury bonds since 2011.

Operational Highlights

Production in 2P reached 3 billion barrels. Peak production was achieved in the Sepetiba FPSO in less than 8 months. New fields were discovered in Colombia and South Africa.

Return to Top Employer Rankings

Petrobras returned to the top 10 ranking of companies people want to work for, after four years of absence.

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Petroleo Brasileiro SA- Petrobras (PBR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

PBR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 03, 2018	2018 (Q2)	- / 0.41	0.025	1556.00% (+0.39)	―	―
Nov 06, 2018	2018 (Q3)	- / 0.35	0.11	219.09% (+0.24)	―	―
Feb 27, 2019	2018 (Q4)	- / 0.34	0.295	15.25% (+0.05)	―	―
May 07, 2019	2019 (Q1)	- / 0.17	0.24	-31.25% (-0.07)	―	―
Aug 01, 2019	2019 (Q2)	- / 0.28	0.414	-31.16% (-0.13)	―	―
Oct 24, 2019	2019 (Q3)	- / 0.34	0.351	-2.85% (>-0.01)	―	―
Feb 19, 2020	2019 (Q4)	- / 0.38	0.34	10.29% (+0.03)	―	―
May 14, 2020	2020 (Q1)	- / -1.56	0.165	-1047.88% (-1.73)	―	―
Jul 30, 2020	2020 (Q2)	- / -0.08	0.285	-126.67% (-0.36)	―	―
Oct 28, 2020	2020 (Q3)	- / -0.04	0.341	-113.20% (-0.39)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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PBR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 07, 2024	$12.60	$12.78	+1.43%
Aug 08, 2024	$12.93	$12.96	+0.23%
May 13, 2024	$15.14	$14.83	-2.05%
Mar 07, 2024	$13.91	$12.31	-11.50%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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