Petrobras (PETR4) Q4 2024 earnings summary

Executive summary

• 2024 was marked by strong operational and financial performance, with operating cash flow of $38 billion and financial debt at $23.2 billion, the lowest since 2008.

• Net income for 2024 was $7.5 billion, significantly impacted by exchange rate variation and a major tax settlement; adjusted net income excluding non-recurring items was BRL 19.4 billion.

• Major investments advanced, especially in pre-salt and Búzios fields, with early start-ups of FPSO Maria Quitéria and FPSO Marechal Duque de Caxias.

• Record refinery utilization at 93% and record S-10 diesel and gasoline production, with pre-salt projects accounting for over 80% of total output.

• Delivered a total shareholder return of around 20% in 2024, paid R$270 billion in taxes, and invested R$91 billion.

Financial highlights

• Operating cash flow reached $38.0 billion, with free cash flow at $23.3 billion and adjusted EBITDA at $45.9 billion (excluding one-offs).

• Net income was $7.5 billion, down 70% year-over-year, mainly due to FX effects and a tax transaction.

• Investments totaled $16.6 billion, a 31% increase over 2023, mainly in pre-salt projects.

• Financial debt decreased to $23.2 billion, the lowest since 2008.

• BRL 102.6 billion paid in dividends and R$75.8 billion distributed in shareholder remuneration.

Outlook and guidance

• Oil production is expected to increase by 100,000 bpd in 2025, with three new production systems adding 585 kbpd capacity and oil production forecast at 2.8 million boed.

• CapEx for 2025 is set at $18.5 billion (+/-10%), with no new projects added and timelines maintained.

• Gas supply is expected to reach 50 million m³/day by 2026, with expansion of the vessel fleet and return to the fertilizer business planned.

• Continued focus on profitable investments, reserve replenishment, and decarbonization initiatives.