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In three years, Petrobras distributes BRL 447 billion to the federal government, double its profit

SÃO PAULO AND RIO – On Thursday, the 5th, after the Petrobras to announce a profit of R$ 44.5 billion in the first quarter, the president Jair Bolsonaro (PL) went public to complain about the number, which he considered a “rape” or a “crime”. But, as the federal government is the company’s largest shareholder, perhaps it would be more correct to celebrate, since the better the company’s performance, the more money enters the public coffers.

Between January 2019 (beginning of the Bolsonaro government) and March this year, Petrobras has already injected R$447 billion into the federal coffers, taking into account, in addition to dividends, taxes and royalties paid. The figures appear in the company’s tax reports. In this period, net income was R$ 200 billion. If the account considers the billing (R$ 1.16 trillion), the amount transferred corresponds to 38.5% of the total.

Considering what the company pays to states and municipalities, the amount that enters the public coffers reaches R$ 675 billion. To give you an idea of ​​what this means, only the amount paid to the Unity corresponds to approximately five times the budget of the Brazil aid forecast for this year, around R$ 89 billion. The money also comes close to the government’s 2020 disbursement for spending related to Covid-19of R$ 524 billion.

The interim executive director of Independent Tax Institution (IFI), Daniel Couri, states that, given the size of Petrobras’ contribution, its importance for the health of the country’s public accounts is very relevant. The rough calculation is that Petrobras alone accounts for between 1% and 2% of total federal revenue – it is by far the largest individual contributor.

“Probably, on its own, Petrobras is able to pay all healthcare expenses in Brazil”, says the specialist. Couri also recalls that part of these resources coming from the state-owned company are not stamped money, that is, they already have a mandatory destination – on the contrary, they are free to use, something important for government accounts.

Profit

Petrobras was the oil company that recorded, in dollars, the highest net profit in the first quarter in the world. According to a survey carried out by the financial information company Economática, Petrobras’ profit, of US$ 9.405 billion, was almost double the US$ 5.480 billion recorded by the American ExxonMobilthe world’s largest oil company by market value.

In rebutting the criticism that President Jair Bolsonaro made of the size of the state-owned company’s profit, still on Thursday night, the president of Petrobras, José Mauro Coelhosaid that the soaring of the international quotations of the Petroleum boosted the results of all the oil companies and that the profit of the Brazilian state-owned company is “on the same level” as that of other companies.

Among the ten largest companies that have already published results, Petrobras’ profit was higher than that recorded by oil companies that earned more, such as chevronBP, PetroChina, CNOOC and Eni Spa – the Anglo-Dutch shell has not yet released the balance sheet. The largest revenue in the world came from PetroChina, which earned US$ 122.929 billion in the first quarter. Even so, the Chinese company had a net profit of US$ 6.161 billion, according to data from Economática.

All the major oil companies in the world saw their revenues jump compared to 2021. Most also experienced a surge in net income. This was the case with ExxonMobil (up 100.7%), Chevron (up 354.5%), Conocophillips (up 486.5%), PetroChina (up 46%) and CNOOC (up 1,315.9%). Even in this regard, Petrobras was the absolute highlight, with an increase of 4,492% compared to the first quarter of 2021.

The good result is a direct effect of the war in ukrainewhich boosted the price of a barrel of oil in the global market, to a level above US$ 110 a barrel.

Good mood

Bolsonaro’s criticism of Petrobras’ profits did not dampen the market’s good mood with the company’s result on Friday – especially after the information that first-quarter dividends will be R$ 48.5 billion. “Overall, the results were very good, but the dividends stole the show”, points out a bank report Credit Suissesent to customers.

THE XP also highlighted the dividends, but acknowledged that political noise has harmed the performance of the company’s shares. “Dividends are providing investors with a good total return on stocks, despite the political noise that keeps stock prices (and indices) pent up,” he said.

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