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Petrobras posts 22% boost in quarterly earnings, reveals $3 billion in dividends

Brazilian staterun oil firm Petrobras on Thursday reported an increase of around 22% in its thirdquarter net revenue, and revealed $3. billion in dividends.

The business posted a net profit of 32.6 billion reais ($ 5.7. billion) for the quarter ended in September.

Adjusted profits before interest, taxes, depreciation and. amortization (EBITDA) landed at 63.7 billion reais, marking a. 3.8% decrease year on year but matching experts' expectations. pooled by LSEG.

Its net profits from sales increased by 3.8% to 129.6. billion reais, topping the expectation of 125 billion reais. In a different filing, Petrobras stated its board had authorized. administering 17.12 billion reais ($ 3 billion) in dividends, or. 1.3282 genuine per share. The company in the third quarter invested about $4.5 billion,. around 31% more than in the same period of 2023, it said, the majority of. of it on exploration and production.

This shows our dedication to providing our. projects and executing our Strategic Plan diligently, stated. Chief Financial Officer Fernando Melgarejo in the revenues. report.

In August,

Petrobras lowered

its organized investments for this year to in between $13.5. billion and $14.5 billion, from $18.5 billion formerly. So far. the company has invested around $10.9 billion in 2024.

Last month the firm said its oil

production

in Brazil in the 3rd quarter was down 8.2% on a. year-on-year basis, to 2.13 million barrels per day.

(source: Reuters)