Petrobras (PETR4) produces 2.78 million barrels of oil per day in the 1st quarter, an increase of 3.7%

Petrobras (PETR4) produced 2.776 million barrels of oil equivalent per day (boed) in the first quarter of 2024 (1Q24), an increase of 3.7% compared to production in the same period of the previous year (1Q23).

According to the state-owned company, the performance was driven by the ramp-up of the FPSOs Almirante Barroso, P-71, Anna Nery, Anita Garibaldi and Sepetiba, in addition to the entry into production of 19 new wells from complementary projects in the Campos and Santos Basins.

Compared to 4Q23, production was lower by 5.4%, mainly due to the greater volume of losses due to stoppages and maintenance.

Oil production in the pre-salt, in turn, was 1.857 million barrels per day (bpd), 4.1% below 4Q23, mainly due to the greater volume of losses due to stoppages and maintenance, an effect partially offset by greater contribution from FPSOs Almirante Barroso and P-71, due to the ramp-up of FPSO Sepetiba and the entry into production of 2 new wells and complementary projects in the Tupi field, in the Santos Basin.

Post-salt production was 343 thousand bpd, 11.6% lower than 4Q23, mainly due to the greater volume of losses from stoppages and maintenance and the natural decline in production, factors partially offset by the ramp-up of the FPSO Anita Garibaldi.

Meanwhile, production on land and shallow waters was 35 thousand barrels per day, in line with the previous quarter. Production abroad was 33 thousand barrels per day, referring to fields in Bolivia, Argentina and the United States, in line with 4Q23.

The total utilization factor (FUT) of the refining park remains high, reaching 92% in 1Q24, 7 pp above 1Q23 and 2 pp below 4Q23.

Sales

The sales volume of derivatives in 1Q24 reduced 4.9% compared to 4Q23, mainly with regard to diesel and gasoline.

The 7.6% reduction in diesel sales was influenced by seasonality in consumption, which decreases during the first months of the year due to the reduction in economic activity during this period.

The lower sales of gasoline, with a drop of 5.2% compared to 4Q23, occurred due to typical seasonality, with peak consumption in the last quarter of each year, in addition to the loss of participation of the derivative to hydrated ethanol in the supply of flex vehicles between quarters.

On the other hand, sales of aviation kerosene (QAV) increased by 1.9% due to seasonal factors associated with the holiday period.