Even in a challenging scenario such as the second quarter of 2020, Petrobras managed to present solid results due to the agile decisions taken early in the crisis. The company ended the quarter with a recurring EBITDA of US $ 3.4 billion and free cash flow of US $ 3.0 billion. Figures that show that, even with a 42% reduction in the price of a barrel of oil (Brent) and a drop in the domestic demand for oil products in the period, the company remained firm in its operation and with cash to guarantee its liquidity.

Both indicators are closely monitored by the market as good indicators of the company's financial health. Ebitda is used to analyze a company's operating results over time. It is important because it removes the effect of interest, taxes, depreciation and amortization of net profit, facilitating the comparison of results between companies, a fundamental information that helps in the decision making of potential investors. Free cash flow is the cash balance - resulting from the difference between operating generation and investments for the period - used to meet financial obligations and potential dividends. In addition, it is fundamental for the deleveraging of any company.

The company's net result also reflects the impact of the crisis, the indemnities from the Voluntary Termination Programs (PDVs) and the Incentive Retirement Program (PAI) and the financial result, with a recurring net loss of US $ 2.5 billion.

In this challenging scenario, Petrobras managed to close the quarter with a gross debt of US $ 91.2 billion, an increase of only US $ 2.0 billion in relation to the previous quarter. This movement was important to strengthen cash and guarantee liquidity to face this moment of greater volatility. As of the second semester, the company has started prepaying revolving credit lines so that the cash comes close to pre-crisis levels. On the 27th, for example, it made a prepayment of US $ 3.5 billion, out of the total of US $ 8 billion of committed credit lines.

“Our ability to react and our strategy have proven effective in tackling this crisis and the ensuing global recession. We will continue to work and make the necessary decisions to make Petrobras an even more resilient and value-generating company ”, commented the Financial and Investor Relations Executive Director, Andrea Almeida, in a video released to investors.

The company's operating performance remains high despite the effects of the pandemic. See here the report with the main operating results for the quarter, released on 07/21.

More transparency in sustainability metrics 

Some initiatives that give more transparency to the company's goals in Environmental, Social, and Governance - ESG (Environmental, Social and Corporate Governance Performance Factors) were highlighted in this quarter. Among them are Petrobras' support for the Task Force for Climate-related Financial Disclosures - TCFD (Task Force on Climate-Related Financial Disclosures), an initiative of the G20 Financial Stability Board and the update of the Journal of Climate.