Oil tops Brazil’s export list in third quarter

Petrobras, which operates nearly 90 percent of Brazil’s oil production, surpassed agribusiness and mining in export rankings for the third quarter of this year with its oil exports. The announcement was made by the company’s president, Magda Chambri

“We have reached the milestone of crude oil becoming Brazil’s top export product. We have surpassed soybean meal, agribusiness, mining, and iron exports, making it possible for Petrobras to contribute significantly to Brazil’s export agenda,” she said.

Petrobras reported some operational highlights, including the achievement in September of a historic 3 billion barrels of oil and accumulated production from the Tupi Shared Reservoir and the Iracema area.

On Friday (Nov. 8), Chambriand announced the company’s third-quarter 2024 results, reporting a profit of BRL 32.6 billion—an increase of 22.3 percent compared to the same period last year. She also revealed that BRL 17.1 billion would be distributed in dividends to the company’s shareholders.

The executive described the results as solid, consistent, and surpassing sector expectations. “These results exceeded the market’s highest forecasts. Last quarter, we saw strong cash generation from both oil exploration and production, as well as from refining and natural gas. This quarter, we are reaffirming the success of the decisions we’ve made. Our debt is at its lowest level since 2008, and today, we are responsible for generating 31 percent of all primary energy in the country,” she noted.

Source: Agência Brasil

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