Petrobras (PETR4) Meets with Government and Airlines Today to Discuss Aviation Kerosene

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A Petrobras (PETR4) informed that it will meet this Thursday (01), with representatives of the federal government and airlines to discuss possible changes in the conditions of aviation kerosene (QAV) for the sector.

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“Nevertheless, considering that Petrobras’ participation in the aforementioned meetings is part of the company’s routine activities and that there has been no decision regarding the price of the QAV or the contractual supply model for the distributors, there is no relevant fact to be disclosed in relation to the topic”stated the state-owned company.

The discussions come at a time when the airline Goal (GOLL4) is undergoing judicial recovery in the United States and raises questions about whether the state-owned oil company will be used as an instrument to help airlines, raising fears of political interference in the company.

At the beginning of the week, Genial Investimentos commented on the news about a possible use of Petrobras to help companies in the sector.

“We do not think the news is positive, but it is important to remember that aviation kerosene represents a very small portion of the derivatives sold by the company and we think that any negative impact will have a negligible effect on the company’s results”evaluates.

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Meanwhile, kerosene is one of the main costs for airlines and reduces their profit margins.

According to data from National Civil Aviation Agency (Anac)the price of QAV averaged R$4.44 in October last year, 12% lower compared to the same period in 2022.

However, the price is 92.1% higher than in October 2019 (R$ 2.31) – fuel price data is nominal.

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Petrobras Results in the Third Quarter of 2023

The results of Petrobras (PETR4) referring to its operations in the third quarter of 2023, were released on November 9th, presenting a net profit of R$ 26.8 billion in 3Q23, a drop of -42.1% in relation to the same quarter of the previous year.

Petrobras’ adjusted EBITDA reached R$66.2 billion in 3Q23, showing a decrease of -27.6% compared to 3Q22.

Petrobras’ adjusted EBITDA margin totaled 53.0% in 3Q23, showing a decrease of -0.7 percentage points compared to 3Q22.

Petrobras’ net margin reached 21.4% in 3Q23, showing a decrease of -5.8 percentage points compared to 3Q22.

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Petrobras shares (PETR4) have accumulated an increase of 6.78% on the stock exchange in the last 7 days and an increase of 98.39% in the last 12 months.

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Source: Infomoney.

The article is in Portuguese

Tags: Petrobras PETR4 Meets Government Airlines Today Discuss Aviation Kerosene

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