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    Petrobras gets $2bn from recent share offering

Summary

The Brazilian company saw Q1 cash flow of $5.6bn.

by: Daniel Graeber

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Complimentary, Natural Gas & LNG News, Americas, Corporate, Share prices, Financials, News By Country, Brazil

Petrobras gets $2bn from recent share offering

Brazilian energy company Petrobras announced June 30 it had secured more than US$2bn (BRL9.9bn) from a public share offering on the Brazilian exchange.

The company, known formally as Petroleo Brasileiro, said the board of directors approved of the price per common share of US$5.22, or BRL25.87. New shares will be listed on the Sao Paulo exchange from July 2-July 5.

From its recent share offering, the company said it realised an estimated US$2.38bn (BRL11.8bn). Shares in question are only offered on the Brazilian exchange.

Petrobras in the first quarter returned to profit after a hefty loss during the same period last year. Net income attributable to shareholders of US$231mn in Q1 2021, a marked improvement from a US$732mn loss recorded during the same period last year, but well below the US$5.4bn in Q4 2020 profits.

Positive cash flow came in at US$5.6bn, while debt reduction of US$18.3bn brought its burden down to $71bn.

The company reported net Q1 revenue of US$15.7bn, nearly 13% higher than Q4 and attributable mainly to an increase in crude oil prices. Revenue in Q1 2020, however, was US$17.1bn.