popular articles

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.

Please share:

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.

Register free of charge for uninterrupted access.

Publicite

Recently published in

The global oil industry prepares for further disruptions as oil prices fall below USD 60 per barrel, a level unseen since 2021. The decline in investments, particularly in the US shale sector, raises concerns.
US crude inventories increased by 200,000 barrels last week, far below analysts' forecasts. However, oil prices remain under pressure following the announcement of a potential rise in production by OPEC+.
US crude inventories increased by 200,000 barrels last week, far below analysts' forecasts. However, oil prices remain under pressure following the announcement of a potential rise in production by OPEC+.
Thousands of miners blocked the streets of La Paz on April 23, 2025, to protest the shortage of dollars and fuel, which is particularly affecting Bolivia's mining sector.
Thousands of miners blocked the streets of La Paz on April 23, 2025, to protest the shortage of dollars and fuel, which is particularly affecting Bolivia's mining sector.
OPEC Secretary General Haitham Al Ghais emphasizes the need to reconcile energy security with emission reduction goals, in light of the International Energy Agency's (IEA) approach.
OPEC Secretary General Haitham Al Ghais emphasizes the need to reconcile energy security with emission reduction goals, in light of the International Energy Agency's (IEA) approach.
The DBM-1 ST2 appraisal well confirms a significant oil discovery offshore Gabon. The Bourdon project could add up to 25 million recoverable barrels to BW Energy's reserves, further strengthening the Dussafu licence development.
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
Woodside Energy recorded stable production and revenues of 3,315 million USD in Q1 2025, with a notable increase in production at Sangomar, but a slight decline due to weather impacts at other sites.
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
Canadian company TAG Oil has completed the sale of its interests in five production permits in New Zealand to Kiwi Royalty Limited, for a total consideration of up to USD 2.5 mn.
The Egyptian government is launching a 75-well drilling campaign in the Eastern Desert, aiming for a 9% increase in crude output in fiscal year 2024/2025.
The Egyptian government is launching a 75-well drilling campaign in the Eastern Desert, aiming for a 9% increase in crude output in fiscal year 2024/2025.
Reconnaissance Energy Africa has signed a memorandum of understanding with ANPG to explore 5.2 mn onshore acres in Angola, expanding its operations into the Damara Fold Belt and Rift Basin.
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
The IMF forecasts robust economic growth for Libya in 2025 driven by oil, but warns that structural reforms are essential to avoid renewed vulnerability to global market shocks.
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
The United States has sanctioned Shandong Shengxing Chemical Co., accused of purchasing Iranian oil. This move is part of the "maximum pressure" strategy against Iran, aimed at limiting its oil exports.
Rönesans Holding announces a major $2 billion investment to build a polypropylene (PP) production plant in Ceyhan, Turkey, in partnership with SONATRACH and Stolt-Nielsen. This project is expected to strengthen the country’s industrial self-sufficiency.
Rönesans Holding announces a major $2 billion investment to build a polypropylene (PP) production plant in Ceyhan, Turkey, in partnership with SONATRACH and Stolt-Nielsen. This project is expected to strengthen the country’s industrial self-sufficiency.
Libya begins an international promotional tour to present 22 oil blocks, aiming to revive a strategic sector affected by years of instability.
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
Tullow Oil sold its stakes in the Lokichar Basin to Gulf Energy while retaining a future entry right, marking a new step in its debt reduction strategy in Kenya.
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
US crude reserves rose by only 500,000 barrels, falling short of forecasts, while exports reached their highest level in a year.
Amplify Energy has amended the terms of its merger with Juniper Capital, which will inject an additional $10 mn in cash to strengthen the combined entity's financial position amid oil price volatility.
Amplify Energy has amended the terms of its merger with Juniper Capital, which will inject an additional $10 mn in cash to strengthen the combined entity's financial position amid oil price volatility.
The International Energy Agency anticipates weaker oil demand growth in 2025, driven by US tariff tensions disrupting market stability and weighing on the shale oil sector.
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
British group BP has announced a new oil discovery in the deep waters of the Gulf of Mexico, strengthening its investment strategy in hydrocarbons with the aim of increasing production by 2030.
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
International Petroleum Corporation repurchased 277,060 common shares between 7 and 11 April under its ongoing share buyback programme, using the Toronto and Stockholm exchanges.
CNOOC Limited has begun production at the offshore Wenchang 9-7 oilfield, located in the western Pearl River Mouth Basin, targeting 12,000 barrels of oil equivalent per day by 2027.
CNOOC Limited has begun production at the offshore Wenchang 9-7 oilfield, located in the western Pearl River Mouth Basin, targeting 12,000 barrels of oil equivalent per day by 2027.
Petro-Victory Energy secures key assets in Brazil through strategic alliances and acquisitions, consolidating its onshore market position and initiating a new phase of development.
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
Trio Petroleum Corporation has completed the acquisition of producing oil assets from Novacor Exploration in the prolific Lloydminster region of Canada, consolidating its strategic presence in North America's heavy oil sector.
Road fuel volumes declined while jet fuel and non-road diesel increased, according to March 2025 data from the Comité Professionnel du Pétrole.
Road fuel volumes declined while jet fuel and non-road diesel increased, according to March 2025 data from the Comité Professionnel du Pétrole.
Chevron returned several crude shipments to Venezuela after failing to sell them due to US-imposed financial sanctions, despite holding a temporary authorisation to operate until the end of May.
Chevron returned several crude shipments to Venezuela after failing to sell them due to US-imposed financial sanctions, despite holding a temporary authorisation to operate until the end of May.

Advertising