The company’s adjusted EBITDA for the semester closed at $29.964 billion, advancing 52.2% year-over-year, while net debt increased 3.1% to $60.388 billion. Return on equity improved to 9.3%, up 3.3 percentage points. Operating expenses including activity costs, sales, administration, exploration and R&D rose 18.8% to $35.041 billion.
Production metrics reached historic levels during the second quarter, with total output of 3.34 million barrels of oil equivalent daily representing a 14.1% annual increase. Crude oil production specifically hit 2.7 million barrels per day, up 15% year-over-year and exceeding the company’s 2.5 million barrel daily target by 200,000 barrels. This enabled crude exports to rise 12% to one million barrels daily during a period of elevated pricing.
CFO Fernando Melgarejo attributed the performance to increased petroleum and petroleum product output combined with higher Brent prices. President Magda Chambriard noted that while Brent averaged above $100 per barrel between April and June, fluctuating between $70 and $120, the quarter’s average price did not rank among the company’s ten highest quarterly price environments. She emphasized that gross profit reached $19.5 billion and recurring net profit hit $11 billion, both company records.
Refining operations achieved 101% capacity utilization, pushing derivative production to 1.9 million barrels daily, a 5.6% sequential increase that allowed fuel imports to drop 40%. The board approved dividend distributions totaling 14.4 billion reais ($2.445 billion), payable in two installments of 0.67407131 reais per share on November 23 and December 21.
This article was curated and published as part of our South American energy market coverage.
