Petrobras Reports Strong Results for Fourth-Quarter 2022

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Brazilian oil company Petrobras (NYSE:PBR) (Rio de Janeiro, Brazil) reported fourth-quarter 2022 net income of US$8.2 billion last week, up 46.3% from net income in fourth-quarter 2022, as the company rode the wave of higher energy prices.

For all of 2022, the state-owned oil major reported US$36.6 billion in net income, up 84.3% from the previous year. Petrobras joined the club of energy companies that have registered big financial gains in the wake of high energy prices triggered by the war in Ukraine and other factors.

Chief Financial Officer Rodrigo Araujo Alves, said the positive results also "represent the result of several relevant management decisions taken over the past years, as oil prices had previously been at levels similar to those of 2022, without equivalent results."

The production of oil and natural gas liquids (NGLs) stood at 2.1 million barrels per day (BBL/d) in the fourth quarter, 0.2 % below the previous quarter.

Overall, the company's production has remained stable. However, the results reflect the ramp-up of the Guanabara Floating Production Storage and Offloading (FPSO) facility, which reached 180,000 BBL/d output in 8 months. Additionally, the startup of P-71 at the Itapu field and new wells in the Campos Basins helped to offset production losses caused by maintenance, the decommissioning of the Marlim platforms, and the transfer of rights surplus contracts in the Buzios, Atapu, and Sepia fields.

Oil exports in fourth-quarter 2022 stood at 614,000 BBL/d, about 69% more than the volumes in 3Q and 40% more than than the same quarter in 2021. Export destinations have shifted significantly. In 2021, China received 62% of Petrobras' oil exports, but in 2022 China only received 33%, while Europe's share grew to 30% from 19%.

Elsewhere, refinery runs remained more or less stable in the fourth quarter last year at 86%, on par with the same period in 2021 and near the 88% average experienced throughout last year. Total clean products production in the fourth quarter and all of 2022 stood at 1.724 million BBL/d and 1.743 million BBL/d, respectively, 9.7% and 5.9% below the previous year's volumes.

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