Petrobras (PETR4) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial results in 2024, with operating cash flow of $38 billion and financial debt at $23 billion, the lowest since 2008.

• Net income for 2024 was $7.5 billion, significantly impacted by exchange rate variation, external environment, and a major tax settlement; adjusted net profit was $19.4 billion excluding one-off events.

• 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 output.

• Delivered a total shareholder return of around 20% in 2024, paid R$270 billion in taxes, and supported 250,000 jobs through investments.

Financial highlights

• Operating cash flow reached $38.0 billion and adjusted EBITDA was $40.4 billion in 2024.

• Net income for 2024 was $7.5 billion, down 70% year-over-year due to FX effects; adjusted net profit (excl. one-offs) was $19.4 billion.

• 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.

• Free cash flow was $23.3 billion in 2024.

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 a target of 2.8 million boed.

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

• Gas supply is expected to reach 50 million m³/day by 2026.

• Expansion of the vessel fleet and return to the fertilizer business are planned for 2025.

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