Petrobras decreases its sales revenue 29.9% in 2020

The Brazilian company Petrobras reported that it decreased its sales revenue 29.9% in 2020, to 53,683 million dollars.

Although total sales volume increased, as a strong increase in exports (30% year-on-year) more than offset the fall in demand in Brazil, net income decreased due to the fall in Brent prices (35%) and in the sales of petroleum derivatives, with greater added value than crude.

According to Petrobras, its sales revenue fell mainly due to:

  • Decrease in household income ($ 19.66 billion), mainly as a result of:
    1. Decrease in revenues from oil derivatives (16,637 million dollars) mainly reflecting a decrease in the average prices of diesel and gasoline due to the fall in Brent prices, as well as a lower volume of sales of gasoline, diesel and jet fuel , reflecting the effects of the pandemic.
    2. Lower revenues from natural gas ($ 2.28 billion), mainly reflecting lower demand from the thermoelectric market.
  • Decrease in export earnings (2.14 billion dollars), mainly driven by lower Brent prices. This effect was partially offset by higher export volumes of crude oil and petroleum products.
  • Decrease in income from operations abroad (1,106 million dollars) mainly due to the sale of the Pasadena refinery and distribution companies in Paraguay, lower international prices and the effects of the pandemic.


In general, oil and natural gas exploration and production activities are the main components of the company’s investment portfolio and include offshore and onshore exploration, appraisal, development, production and incorporation of oil and natural gas reserves.

Likewise, Petrobras’ activities are focused on deep and ultra-deep water oil fields in Brazil, which accounted for 94% of its total production in 2020.

The company also has activities in mature fields in shallow waters and on land, as well as outside of Brazil.

Today, Brazilian exploration and production assets represent 93% of its blocks and fields worldwide, 99% of its world oil production and 99.7% of its oil and natural gas reserves.

Consolidated Statement of Income