Petrobras profits more than international peers
Boosted by higher oil prices, major international oil companies closed the second quarter of 2021 with financial statements in full recovery. A survey by Valor Data shows that all the companies that make up the group of the so-called Big Oil - ExxonMobil, BP, Shell, Chevron, Total and Eni - showed significant improvement in their financial indicators, but that none of them profited more than Petrobras. Close to its debt reduction target, the Brazilian state-run company stands out as one of the best dividend payers among its peers.Adding the results of all Big Oil companies plus Petrobras, the accumulated profit in the second quarter was $29.1 billion, reversing a combined loss of $26.6 billion. Petrobras alone reported a gain of $8.1 billion.This recovery has a simple reason: the increase in the price of oil. The average Brent barrel, a global benchmark, more than doubled compared to the second quarter of 2020, peak of the global demand contraction during the pandemic. Between April and June this year, the barrel was traded at an average of $68.8, an increase of 135% compared to the same period last year.Together, the seven companies analyzed had revenues of $281.3 billion, double the result of the second quarter of 2020, even though most oil companies had drops in production in the period.The oil companies are also demonstrating other solid financial indicators, such as earnings before interest, taxes, depreciation and amortization (Ebitda) and expanding free cash flows - which have allowed companies, increasingly pressured by investors averse to fossil fuels, seek ways to increase shareholder remuneration.After reporting strong second-quarter earnings, some companies took the opportunity to announce share buyback programs, such as BP ($1.4 billion), Chevron ($2 billion to $3 billion a year) and Shell ($2 billion), in addition to dividends.Petrobras is going in the same direction and emerges as a major payer of resources to investors. By announcing last week that it will anticipate R$31.6 billion ($6 billion) to shareholders in the fiscal year of 2021 -almost triple the average in the three previous years - the Brazilian state-owned company will deliver a dividend yield of 9%, according to UBS BB. The number places the company in the first quartile among the 21 oil companies monitored by the bank, with the indicator only lower than the Russian companies Gazprom (13%) and Lukoil (12%).UBS predicts that Petrobras will distribute another $15...
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