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Petroleo Brasileiro SA- Petrobras
(NYSE:PBR)
Petroleo Brasileiro SA- Petrobras (PBR) vs. SPDR S&P 500 ETF (SPY)
Petroleo Brasileiro SA- Petrobras Business Overview & Revenue Model
Petroleo Brasileiro SA- Petrobras Earnings Call Summary
Petroleo Brasileiro SA- Petrobras Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 86.40B | 91.42B | 105.54B | 124.47B | 83.97B | 53.68B |
| Gross Profit | 41.60B | 45.97B | 55.64B | 64.99B | 40.80B | 24.49B |
| EBITDA | 38.31B | 27.46B | 50.92B | 69.93B | 44.90B | 16.99B |
| Net Income | 13.96B | 7.53B | 25.69B | 36.62B | 19.88B | 1.14B |
Balance Sheet | ||||||
| Total Assets | 227.89B | 181.65B | 217.07B | 187.19B | 174.35B | 190.01B |
| Cash, Cash Equivalents and Short-Term Investments | 11.66B | 7.53B | 15.55B | 10.77B | 11.12B | 12.37B |
| Total Debt | 70.71B | 60.31B | 62.60B | 53.80B | 58.74B | 75.54B |
| Total Liabilities | 147.99B | 122.30B | 138.09B | 117.36B | 104.54B | 130.13B |
| Stockholders Equity | 79.52B | 59.11B | 78.58B | 69.49B | 69.41B | 59.35B |
Cash Flow | ||||||
| Free Cash Flow | 16.73B | 23.34B | 31.10B | 40.14B | 31.47B | 23.02B |
| Operating Cash Flow | 34.09B | 37.98B | 43.21B | 49.72B | 37.79B | 28.89B |
| Investing Cash Flow | -12.36B | -13.37B | -7.96B | -432.00M | 2.16B | -4.51B |
| Financing Cash Flow | -21.03B | -33.09B | -30.70B | -51.45B | -40.79B | -19.26B |
Petroleo Brasileiro SA- Petrobras Technical Analysis
Petroleo Brasileiro SA- Petrobras Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $62.15B | 20.82 | 5.31% | 5.41% | -3.84% | 15.75% | |
78 Outperform | $216.65B | 15.73 | 8.06% | 3.92% | -6.96% | 0.03% | |
70 Outperform | $95.34B | 7.24 | 18.20% | 14.10% | -11.63% | -15.67% | |
69 Neutral | $67.52B | 12.73 | 13.49% | 7.43% | 1.53% | -35.81% | |
68 Neutral | $97.69B | 62.72 | 2.52% | 5.62% | -4.11% | -37.59% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
Petroleo Brasileiro SA- Petrobras Corporate Events
On January 28, 2026, Petrobras reported that its proved reserves of oil, condensate and natural gas under SEC criteria reached 12.1 billion barrels of oil equivalent as of December 31, 2025, with oil and condensate accounting for 84% of the total and natural gas 16%. In 2025 the company added 1.7 billion boe of reserves, achieving a reserve replacement rate of 175% despite record annual production, and an estimated reserves-to-production ratio of 12.5 years, driven mainly by strong performance and new wells in key offshore fields such as Búzios, Tupi, Itapu, Mero, Marlim Sul and Jubarte, and by progress in developing the Budião cluster in deepwater Sergipe-Alagoas, underscoring the resilience of its portfolio and its emphasis on maximizing recovery and diversifying exploration to sustain long-term output. Petrobras also disclosed that 90% of its SEC proved reserves are certified by independent evaluator DeGolyer and MacNaughton, and that its proved reserves under Brazilian ANP/SPE definitions stood slightly higher at 12.5 billion boe at year-end 2025, mainly reflecting different economic assumptions and the inclusion of volumes expected beyond concession terms.
The most recent analyst rating on (PBR) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
In 2025, Petrobras’ oil production averaged 2.40 million barrels per day, surpassing the upper limit of its 2025 guidance by 0.5 percentage points and marking an 11% increase on 2024 levels. Total oil and natural gas output reached 2.99 million barrels of oil equivalent per day, also 11% higher than in 2024, while commercial production rose to 2.62 million boed, with all three metrics setting new annual records in the company’s more than 70-year history. The company achieved record pre-salt volumes, with own production of 2.45 million boed and operated production of 3.70 million boed, so that pre-salt now accounts for 82% of total production. These results, disclosed on January 15, 2026, were driven by the start-up of two new FPSOs in the Santos Basin pre-salt (Almirante Tamandaré in Búzios and Alexandre de Gusmão in Mero), the production peak of FPSO Marechal Duque de Caxias, continued ramp-up of other FPSOs in Jubarte, Marlim and Voador, and higher operational efficiency across units. Petrobras also highlighted that operated production in the Búzios field reached 1 million barrels per day with only six platforms, underscoring the field’s high productivity and reinforcing the company’s strategic reliance on pre-salt assets for future growth and operational scale.
The most recent analyst rating on (PBR) stock is a Buy with a $14.60 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On January 13, 2026, Petrobras announced that its 2026 Annual General Meeting is scheduled to be held on April 16, 2026, in line with the company’s Annual Corporate Events Calendar. The specific time, location, and format of the meeting will be disclosed at a later date, signaling the start of the formal governance and shareholder-engagement cycle for the year but without yet detailing agenda items or operational implications for investors and other stakeholders.
The most recent analyst rating on (PBR) stock is a Hold with a $13.00 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 31, 2025, Petrobras started production from the FPSO P-78 in the Búzios field’s Búzios 6 project in the pre-salt Santos Basin, adding capacity of 180,000 barrels of oil per day and 7.2 million cubic meters of gas per day. The new unit, the seventh production system in Brazil’s largest field by reserves, lifts Búzios’ installed capacity to about 1.15 million barrels per day and will support gas exports to shore via the Rota 3 pipeline, potentially increasing Brazil’s gas supply by up to 3 million cubic meters per day. P-78 marks the debut of a new generation of Petrobras-designed FPSOs that incorporate lessons from earlier pre-salt units, tighter quality and efficiency standards for shipyards, and emissions-reducing technologies such as flare gas recovery and energy integration systems. The project involves 13 wells equipped with intelligent completions and a network of rigid and flexible pipelines using innovative mooring solutions to handle high production rates, underscoring Petrobras’s push to enhance operational efficiency and consolidate its leading role in Brazil’s ultra-deepwater oil and gas sector.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 18, 2025, Petrobras announced it had signed a series of new long‑term related‑party commercial contracts with petrochemical producer Braskem to replace expiring agreements and secure future supply arrangements. The deals include five‑year naphtha supply contracts for Braskem’s plants in São Paulo, Bahia and Rio Grande do Sul, worth an estimated US$11.3 billion and allowing deliveries of up to 4.116 million tons in 2026 and 4.316 million tons in 2030 starting January 1, 2026; an 11‑year, US$5.6 billion contract for ethane, propane and hydrogen to Braskem’s operations in Rio de Janeiro, maintaining current volumes through 2028 and increasing from 2029 to support a planned expansion; and five‑year propylene supply contracts from the Reduc, Recap and Refap refineries totaling an estimated US$940 million from May 18, 2026. Classified as related‑party transactions, the contracts were reviewed by Petrobras’ Statutory Audit Committee and are positioned as market‑based, commutative agreements, underscoring Petrobras’ strategy to lock in substantial, benchmark‑linked revenue streams while reinforcing its role as a critical feedstock supplier to Brazil’s petrochemical chain and providing Braskem with long‑term volume and pricing visibility.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 16, 2025, Petrobras announced a strategic partnership with Lightsource bp to form a joint venture in Brazil’s onshore renewable energy sector. This collaboration involves Petrobras acquiring a 49.99% stake in Lightsource bp’s Brazilian subsidiaries, aiming to develop profitable renewable energy projects and strengthen their presence in the sector. This move marks a significant step for Petrobras into solar power generation, aligning with its Business Plan 2026-2030 to diversify its energy portfolio and commit to sustainability. The deal is pending regulatory approvals, and its financial impact on Petrobras is not considered materially significant at this stage.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 15, 2025, Petrobras announced it has been informed by Novonor S.A. and its subsidiary NSP Investimentos S.A. about an exclusivity agreement with Shine I Fundo de Investimento em Direitos Creditórios, managed by Vórtx Capital and advised by IG4 Sol. Ltda. This agreement grants a 60-day period for negotiating a potential transaction involving shares of Braskem S.A. held by NSP Inv. and credits against Novonor guaranteed by these shares. Petrobras, which holds preemptive and tag-along rights under Braskem’s shareholders’ agreement, will monitor the situation and evaluate whether to exercise these rights. The company is also considering a new shareholders’ agreement amid ongoing negotiations and emphasizes that any decisions will adhere to its governance practices and regulatory approvals.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 11, 2025, Petrobras announced the distribution of R$ 12.16 billion in shareholder remuneration for the third quarter of 2025, as approved by its Board of Directors on November 6, 2025. The payout will be divided into two installments, with the first installment paid on February 20, 2026, and the second on March 20, 2026. The payments will be adjusted by the Selic rate and subject to income tax on the interest portion. This move reflects Petrobras’ commitment to returning value to its shareholders and could impact its financial planning and stakeholder relations.
The most recent analyst rating on (PBR) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 4, 2025, Petrobras announced its acquisition of additional rights in the Mero and Atapu units during the PPSA’s Non-Contracted Areas Auction. The company, in partnership with Shell, increased its stake in these shared reservoirs, aligning with its long-term strategy to replace oil and gas reserves with economic and environmental resilience. The acquisition, supported by recent legislative changes, involves a planned disbursement of R$ 6.97 billion by December 2025, with contracts expected to be signed by March 2026.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On December 1, 2025, Petrobras announced the approval of an addendum to the Production Individualization Agreement (AIP) for the Tupi Shared Reservoir in the Santos Basin, effective immediately. This approval by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) results in an increase in Petrobras’ participation in the reservoir to 67.457%. The change in participation shares necessitates financial compensation among the involved parties for past expenses and revenues, with Petrobras expecting to recognize these amounts in its financial statements for the fourth quarter of 2025 and receive cash inflows in the first quarter of 2026. This development strengthens Petrobras’ operational stake in a key asset, potentially enhancing its market positioning and financial performance.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
Petrobras has announced its strategic plan for 2026-2030, emphasizing a commitment to operational efficiency, capital discipline, and sustainable growth. The company aims to achieve operational net zero emissions and expand its industrial facilities to increase the supply of low-carbon products. Despite challenging market conditions in 2025, Petrobras projects a significant increase in oil production, with a forecast of 2.4 million barrels per day by the end of 2025. The plan also highlights investments in bioproducts, such as ethanol and biodiesel, to support Brazil’s energy transition and generate substantial economic benefits, including job creation and tax revenues.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 28, 2025, Petrobras announced that its subsidiary, Petrobras Global Finance B.V., will redeem its 8.750% Global Notes due 2026, with a principal amount of $344,167,000. The redemption is scheduled for December 29, 2025, and will be funded with available cash. The move is part of Petrobras’s financial strategy to manage its debt obligations, potentially impacting its financial stability and investor relations. Upon redemption, the notes and related guarantees will be canceled, ceasing any further interest accrual.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 27, 2025, Petrobras announced the approval of its Business Plan for 2026-2030, which aligns with its Strategic Plan 2050. The plan emphasizes value generation, sustainability, and financial resilience amid lower oil prices. Petrobras plans to invest $109 billion, focusing on operational efficiency and cost optimization, with $91 billion allocated to projects in the Implementation Portfolio. The company aims to maintain its share of Brazil’s energy supply and achieve operational emissions neutrality by 2050. The plan includes significant investments in exploration and production, particularly in the Pre-Salt fields, and aims to reduce the total cost of produced oil.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 25, 2025, Petrobras announced an upcoming webcast scheduled for November 28, 2025, where the company’s Executive Board will present the new 2026-2030 Business Plan. This strategic plan, pending approval by the Board of Directors on November 27, 2025, aims to outline Petrobras’s future direction and goals. The webcast will be available in both Portuguese and English, reflecting Petrobras’s commitment to transparency and international engagement. This announcement could significantly impact Petrobras’s market positioning and stakeholder relations as it sets the company’s course for the next five years.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 21, 2025, Petrobras announced the payment of the first installment of shareholder remuneration based on the June 30, 2025 balance sheet. The distribution, amounting to R$ 0.33596205 per common and preferred share, is being processed by Banco Bradesco for shareholders with updated registrations. ADR holders on the NYSE will receive payments starting December 1, 2025. Unclaimed rights will expire after three years, reverting to the company.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
In the first nine months of 2025, Petrobras contributed R$ 199.6 billion in taxes and government take to the Brazilian government, with R$ 132.3 billion from its operations and R$ 46.9 billion from government take. This contribution represents 5.5% of the federal tax collection, with a notable increase in state tax contributions due to higher sales of gasoline, diesel, and LPG. Petrobras’s tax payments highlight its significant role in Brazil’s economy, particularly in the collection of ICMS (VAT), where it accounts for more than 10% of the total in 20 states.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
Petrobras reported a 7.1% decline in sales revenues for the period January to September 2025 compared to the same period in 2024, primarily due to decreased domestic oil product revenues and lower crude oil export prices. Despite the revenue drop, the company saw a substantial 62.3% increase in net income attributable to shareholders, highlighting improved profitability amid challenging market conditions.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 17, 2025, Petrobras announced a new oil discovery in the Campos Basin, specifically in the Sudoeste de Tartaruga Verde block. The discovery was made in an exploratory well located 108 km from the shore of Campos dos Goytacazes-RJ city at a water depth of 734 meters. The well, identified as 4-BRSA-1403D-RJS, confirmed the presence of high-quality oil through various tests. This discovery, stemming from a block acquired in 2018, is expected to enhance Petrobras’s exploration capabilities and potentially strengthen its market position.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 13, 2025, Petrobras announced that its Business Plan for 2026-2030 is currently under review and pending approval by the Board of Directors. The plan is scheduled for evaluation on November 27, 2025, and will be disclosed to the market once finalized. This announcement highlights Petrobras’ ongoing strategic planning efforts, which could have implications for its future operations and market positioning.
The most recent analyst rating on (PBR) stock is a Buy with a $14.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
Petrobras released its unaudited condensed consolidated interim financial statements as of September 30, 2025, showing a notable increase in total assets to $227,887 million from $181,645 million as of December 31, 2024. The financial report indicates a decrease in sales revenues for the nine-month period ending September 30, 2025, compared to the same period in 2024, reflecting challenges in maintaining revenue levels. Despite the revenue decline, the company’s financial position has strengthened, with a significant rise in cash and cash equivalents and an increase in property, plant, and equipment, suggesting ongoing investment in infrastructure and potential future growth.
The most recent analyst rating on (PBR) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
Petrobras released its interim financial information for the period ending September 30, 2025, highlighting a decrease in total assets from December 31, 2024. The report indicates a shift in current assets and liabilities, with a notable reduction in cash and cash equivalents and an increase in current debt obligations. These financial changes could impact Petrobras’s operational strategies and stakeholder interests, as the company navigates its financial positioning in the volatile energy sector.
The most recent analyst rating on (PBR) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 6, 2025, Petrobras announced that its Board of Directors approved the payment of interim dividends totaling R$ 12.16 billion for the fiscal year 2025. This decision aligns with the company’s Shareholder Remuneration Policy, which mandates distributing 45% of free cash flow to shareholders under certain financial conditions. The dividends will be paid in two installments in February and March 2026, with the amounts subject to adjustment based on the Selic rate. This move underscores Petrobras’s commitment to maintaining financial sustainability while rewarding shareholders, potentially impacting investor confidence and market positioning.
The most recent analyst rating on (PBR) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
In its latest announcement, Petrobras reported significant operational achievements and strategic developments. The company set new production records in oil and natural gas, with a notable increase in efficiency and the start-up of new systems. Petrobras also announced the arrival of the P-78 at the Búzios Field and the completion of mooring, with start-up expected in the fourth quarter of 2025. Additionally, Petrobras has signed contracts for new vessels and subsea projects, expanded its exploratory areas, and increased sales of oil products domestically and internationally. The company also highlighted its commitment to sustainability through initiatives like the CCS São Tomé Pilot Project and partnerships for decarbonization. Financially, Petrobras reported strong growth in its third-quarter results, with significant increases in net income, EBITDA, and dividends compared to the previous quarter.
The most recent analyst rating on (PBR) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
In its third-quarter 2025 performance report, Petrobras announced significant operational achievements, including a record oil production of over 2.5 million barrels per day and an 8% increase in oil, NGL, and natural gas production compared to the previous quarter. The company also highlighted the peak production of its FPSO Almirante Tamandaré platform in the Búzios field, which exceeded its nominal capacity. Financially, Petrobras reported an adjusted EBITDA of $12.0 billion and a net income of $5.2 billion, excluding one-off events, reflecting a 16.8% and 27.7% increase respectively from the previous quarter. The company also achieved a record in oil exports and signed contracts for the Boaventura Refining Project, aiming to modernize its refining system and enhance its product portfolio.
The most recent analyst rating on (PBR) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 5, 2025, Petrobras announced the resignation of Ms. Cristina Bueno Camatta from her role as a full member of the company’s Fiscal Council, following her appointment as the Ombudsman of Petrobras. The company is set to undertake necessary measures to reconstitute the Fiscal Council in line with governance procedures, ensuring stakeholders and the market are kept informed of developments.
The most recent analyst rating on (PBR) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 5, 2025, Petrobras announced a favorable decision by the Superior Court of Justice regarding its legal case against Paragon Offshore Nederland B.V., a former supplier of oil and gas exploration rigs. The court upheld Petrobras’ appeal, overturning a previous decision and ordering a new trial in the Rio de Janeiro Court of Justice. The lawsuit is valued at approximately R$ 2.9 billion, with R$ 154 million already provisioned. This decision could have significant financial implications for Petrobras and its stakeholders.
The most recent analyst rating on (PBR) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.
On November 3, 2025, Petrobras announced the approval of a new Voluntary Severance Program (PDV) aimed at employees who have retired under the Brazilian Social Security System before the enactment of Constitutional Amendment No. 103/2019. This initiative is part of Petrobras’s strategy to manage personnel effectively, ensuring operational continuity and knowledge transfer while facilitating workforce renewal. The program targets approximately 1,100 employees, with terminations expected throughout 2026, and its financial impact will be reflected in the company’s financial statements as participation is confirmed.
The most recent analyst rating on (PBR) stock is a Buy with a $13.50 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.