MOSCOW (MRC) -- Brazil's state-controlled oil producer Petrobras disclosed a 15% increase in its five-year spending plan to USD78 billion, with little change to the company's strategy of focusing on fossil fuel production, said Reuters.
Throughout 2022, Petrobras delivered an operational and financial performance in line with its commitment to generate value for society and shareholders and in full adherence with the 2022-2026 Strategic Plan, showing the Company's resilience and solidity, and thus increasing the degree of confidence in achieving its goals.
From an operational standpoint, in the first nine months of 2022, the Company maintained a solid performance delivering significant advances in its operations.
From a financial standpoint, the Company continued on its path of delivering consistent and sustainable results. The capital structure was maintained at a healthy level and cash reached a level more compatible with the Company’s financial needs. The Company delivered solid financial results, reaching the first and second highest quarterly EBITDA and operating cash flow marks in its history, in the second and third quarters of 2022, respectively. The generation of operating cash flow associated with stable and controlled indebtedness and solid liquidity prospects allowed Petrobras to declare R$13.80 per common and preferred share in shareholder remuneration in 2022. It is important to note that the Brazilian government receives about 37% of this total, the largest single portion, in addition to being benefited by the payment of taxes, which reached a record for the first nine months of the year of R$ 222 billion.
In this context, the new SP 2023-27 was prepared preserving the Company's vision, values, and purpose. The strategies were maintained, with the exception of those related to Environmental, Social and Governance (ESG) and Innovation, which were improved.
We remind, Petrobras completed the sale of Isaac Sabba (REMAN) refinery in Manaus, Amazonas state to Ream, a subsidiary of Grupo Atem. Petrobras received USD257.2m, higher than the initial sale price of USD189.5m. The additional money reflects variation in working capital, net debt, investments and what Petrobras called monetary correction. The refinery has a throughput capacity of 46,000 bbl/day.