Petroleo Brasileiro Sa · BMFBOVESPA:PETR3
Petroleo Brasileiro Sa — Q2 2024 Earnings Presentation
13 slides from Petroleo Brasileiro Sa's earnings presentation, Aug 9, 2024
Slide 1: 2Q24 Performance Webcast
2Q24 Performance — Webcast August 9, 2024
Slide 2: Disclaimer
Disclaimer — The presentation may contain forward-looking and Brazilian political, economic and social statements about future events that are not developments, receipt of governmental NON-SEC COMPLIANT based on historical facts and are not assurances approvals and licenses and our ability to obtain
Slide 3: Financial Highlights
Financial Highlights — Fernando Melgarejo Chief Financial and Investor Relations Officer
Slide 4: Operational Highlights 2Q24
Operational Highlights 2Q24 — WE DELIVERED THE NEW PRODUCTION HIGH UTILIZATION OF COMPETITIVENESS IN THE PLANNED PRODUCTION SYSTEMS THE REFINING FACILITIES NATURAL GAS MARKET OF 2,737 MBOED • Marechal Duque • Utilization Factor at 91%, with • Introduction of performance IN 1H24 de Caxias, in Mero be
Slide 5: 2Q24 Results
2Q24 Results — HIGHLIGHTS • Sustained robust cash generation • Lowest financial debt level since 3Q08 • Capex totaled US$ 6.4 billion in 1H24 (12.5% increase compared to 1H23) FINANCIAL INDICATORS WITHOUT ONE-OFF EVENTS* • Net income: US$ 5.4 billion • EBITDA: US$ 12 billion • Operating cash flow: U
Slide 6: One-off events that impacted accounting results in 2Q24, without relevant cash effects
One-off events that impacted accounting results in 2Q24, without relevant cash effects — NET INCOME EXCHANGE RATE VARIATION US$ BILLION BRL vs. USD (depreciation of 11.2%) Impact on The currency impact is an net profit accounting matter. No cash effect -US$ 2.3 billion 5.4 5.4 in 2Q24 TAX TRANSACTIO
Slide 7: EBITDA and Operating Cash Flow among the best quarterly results
EBITDA and Operating Cash Flow among the best quarterly results — EBITDA OPERATING CASH FLOW US$ billion US$ billion 12.4 12.0 2.4 9.4 0.7 9.8 9.6 9.1 1Q24 2Q24 One-off 2Q24 1Q24 2Q24 Tax 2Q24 Without Without events* Transaction** Without one-off one-off one-off events events events Brent Exchange r
Slide 8: Consistent cashflow generation of US$ 9.1 billion
Consistent cashflow generation of US$ 9.1 billion — We generated a positive FCF of US$ 6.1 billion 13.3 US$ billion Cash flow from 2.9 investments* 9.7 Capex totaled US$ 6.4 billion in 1H24, 12.5% Dividends higher than in 1H23. 7.3 (including share We project to end 2024 with Cash generation buy-bac
Slide 9: Lowest level of financial debt since 3Q08
Lowest level of financial debt since 3Q08 — US$ billion 75.5 63.2 62.6 Leasing 58.7 59.6 21.7 53.8 47.6 44.7 46.2 Financial Debt 41.5 23.0 23.8 33.8 Net Debt 33.3 53.9 35.7 30.0 28.8 26.3 Gross Debt 2020 2021 2022 2023 2Q24 Average debt maturity 11.7 13.4 12.1 11.4 11.8 (years) Spread to the 4.9 4.5
Slide 10: Shareholder remuneration
Shareholder remuneration — Commitment to the distribution of generated results and financial sustainability SHAREHOLDER REMUNERATION DIVIDENDS + INTEREST SHARE BUYBACK 2Q24 (45% X FCF) ON CAPITAL R$ 14.3 billion R$ 0.7 billion R$ 13.6 billion DIVIDENDS 2Q24 PAYMENT ASSUMPTIONS R$ 1.05 per share 1st
Slide 11: Dividends exceeded 1H24 results due to one-off events that had a residual impact on cash
Dividends exceeded 1H24 results due to one-off events that had a residual impact on cash — Nov/23: Creation of the capital remuneration reserve, aiming to ensure resources for dividend payments, among other things, helping to balance eventual gaps between cash and earnings. 2024: AGM approved the al
Slide 12: We maintain our Total Shareholder Return above the Majors
We maintain our Total Shareholder Return above the Majors — Enterprise Value/EBITDA 4.8 2.7 Total Shareholder Return (TSR)* - LTM 2Q24 2Q24 Majors Petrobras Average Majors* 53.5% 43.8% 24.6% 21.4% 11.1% 7.3% Return to society in 2Q24 3.5% R$ 70 billion in taxes Petrobras Petrobras Exxon Shell Chevro
Slide 13: Q&A Session
Q&A Session — Webcast August 9th, 2024