Brazil’s state oil giant posts a 7.2% year-over-year decline in net profit despite a double-digit rise in dollar-denominated sales.
Petrobras reported a first-quarter net profit of $6.2bn, down 7.2% from the same period last year, as operating income fell 2.9% to $7.3bn. Dollar-denominated sales rose 11.7% to $23.5bn, driven by higher oil and gas production and segment revenues.
Adjusted EBITDA increased 8.6% to $11.3bn, while the Exploration and Production segment generated $16bn in sales. Refining, Transportation, and Marketing contributed $22.3bn, and the Gas and Low Carbon Energies segment saw an 18.5% rise in sales to $2.2bn.
The company maintained strong cash generation with operating cash flow of $8.4bn and free cash flow of $3.9bn. However, gross debt climbed 10.4% year-over-year to $71.2bn, and net debt rose 10.8% to $62.1bn.