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Brazil: record profits for Petrobras in 2022

Brazilian oil company Petrobras has announced a record profit of 188 billion reais in 2022, surpassing the record held by Vale in 2021. The new CEO, Jean Paul Prates, is scheduled to give his first press conference tomorrow.

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Brazilian oil company Petrobras announced Wednesday, March 2, 2023, that it has posted a record profit of 188 billion reais (about $36 billion at current exchange rates) in 2022, thanks to the global rise in oil prices. This result represents an all-time record annual profit for a Brazilian company, previously held by mining giant Vale in 2021 (129.1 billion reais).

Fourth quarter net income decline

In the fourth quarter of 2022, the state-owned oil group’s net profit amounted to 43.3 billion reais ($8.3 billion), down 6% from the previous quarter.

Payment of a dividend

The Petrobras board of directors approved on Wednesday evening the payment of a dividend of 2.74 reais per share, for a total amount of 35.8 billion reais ($6.8 billion).

Various management measures taken in recent years

Chief Financial Officer Rodrigo Araujo Alves explained in a statement that the record profit was also due to “various management measures taken in recent years.” He pointed out that the price of oil had already reached levels similar to 2022 and that Petrobras had not obtained such profits.

Petrobras was under pressure during the tenure of far-right ex-president Jair Bolsonaro (2019-2022), who changed the company’s president four times in four years due to violent disagreements over fuel pricing policy. The new left-wing head of state, Luiz Inacio Lula da Silva, has appointed one of his relatives to head Petrobras, former senator Jean Paul Prates, 54, a lawyer and economist by training.

First press conference of the new president

Jean Paul Prates is scheduled to give his first press conference as head of the oil company on Thursday afternoon. He has 30 years of experience in the oil, natural gas, biofuels and renewable energy sectors.

Pricing policy at the heart of the concerns

The group’s pricing policy is also at the heart of the new government’s concerns. The Ministry of Finance announced on Tuesday the partial reinstatement of fuel taxes that had been cancelled under the Bolsonaro government to fight inflation. To prevent the price at the pump from being too high, Petrobras announced a reduction in its tariffs in the same breath.

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