The firm’s free cash flow was $10.1bn. Credit: PETROBRAS.

Brazil’s state-run oil firm Petrobras has reported a 47.6% increase in net profit for the the third quarter (Q3) of 2022, due to higher prices of Brent crude.

The firm’s net profit stood at $8.8bn for the third quarter that ended on 30 September 2022, compared with $5.9bn in the same period a year ago.

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Net revenue for the quarter was $32.41bn, an increase from $23.25bn reported in Q3 2021.

Petrobras CFO Rodrigo Araujo Alves said: “From the financial point of view, we brought our cash position to a level more compatible with the financial needs of the company, considering that besides cash balances of $6.8bn, we have access to revolving credit facilities, resulting in additional liquidity to the company should stress scenarios eventually materialise.”

For Q3 2022, Petrobras’ free cash flow generation and operating cash flow totalled $10.1bn and $12.1bn, respectively.

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Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) was $17.4bn, up from $11.62bn a year ago.

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At the end of 30 September 2022, Petrobras’ gross debt was $54.3bn, compared with $59.58bn in Q3 2021.

Alves added: “Our operational cash generation alongside low debt level and solid liquidity perspectives allowed us to return to society and shareholders dividends of R$3.35 per common and preferred share in the third quarter of 2022, totaling R$13.80 per common and preferred share in 2022.”

Last month, Petrobras said it plans to sell its 100% stake in Argentina subsidiary Petrobras Operaciones (POSA) in order to exit the market and make more profitable investments.