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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 | $56.70B | 18.61 | 5.31% | 5.49% | -3.84% | 15.75% | |
78 Outperform | $206.53B | 14.62 | 8.06% | 3.98% | -6.96% | 0.03% | |
77 Outperform | ― | ― | 12.27% | 5.24% | -9.52% | -11.66% | |
69 Neutral | $58.12B | 10.82 | 13.46% | 7.50% | 1.53% | -35.81% | |
69 Neutral | $73.59B | 5.48 | 18.20% | 14.19% | -11.63% | -15.67% | |
68 Neutral | $87.08B | 55.96 | 2.52% | 5.73% | -4.11% | -37.59% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
Petroleo Brasileiro SA- Petrobras Corporate Events
On December 4, 2025, Petrobras announced its acquisition of additional rights in the Mero and Atapu units during the PPSA’s Non-Contracted Areas Auction. The company, in partnership with Shell, increased its stake in these shared reservoirs, aligning with its long-term strategy to replace oil and gas reserves with economic and environmental resilience. The acquisition, supported by recent legislative changes, involves a planned disbursement of R$ 6.97 billion by December 2025, with contracts expected to be signed by March 2026.
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.
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.
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.
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 $91 billion allocated to projects in the Implementation Portfolio. The company aims to maintain its share of Brazil’s energy supply and achieve operational emissions neutrality by 2050. The plan includes significant investments in exploration and production, particularly in the Pre-Salt fields, and aims to reduce the total cost of produced oil.
On November 25, 2025, Petrobras announced an upcoming webcast scheduled for November 28, 2025, where the company’s Executive Board will present the new 2026-2030 Business Plan. This strategic plan, pending approval by the Board of Directors on November 27, 2025, aims to outline Petrobras’s future direction and goals. The webcast will be available in both Portuguese and English, reflecting Petrobras’s commitment to transparency and international engagement. This announcement could significantly impact Petrobras’s market positioning and stakeholder relations as it sets the company’s course for the next five years.
On November 21, 2025, Petrobras announced the payment of the first installment of shareholder remuneration based on the June 30, 2025 balance sheet. The distribution, amounting to R$ 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.
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.
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.
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.
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.
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 $181,645 million as of December 31, 2024. The financial report indicates a decrease in sales revenues for the nine-month period ending September 30, 2025, compared to the same period in 2024, reflecting challenges in maintaining revenue levels. Despite the revenue decline, the company’s financial position has strengthened, with a significant rise in cash and cash equivalents and an increase in property, plant, and equipment, suggesting ongoing investment in infrastructure and potential future growth.
Petrobras released its interim financial information for the period ending September 30, 2025, highlighting a decrease in total assets from December 31, 2024. The report indicates a shift in current assets and liabilities, with a notable reduction in cash and cash equivalents and an increase in current debt obligations. These financial changes could impact Petrobras’s operational strategies and stakeholder interests, as the company navigates its financial positioning in the volatile energy sector.
On November 6, 2025, Petrobras announced that its Board of Directors approved the payment of interim dividends totaling R$ 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.
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.
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 $5.2 billion, excluding one-off events, reflecting a 16.8% and 27.7% increase respectively from the previous quarter. The company also achieved a record in oil exports and signed contracts for the Boaventura Refining Project, aiming to modernize its refining system and enhance its product portfolio.
On November 5, 2025, Petrobras announced the resignation of Ms. Cristina Bueno Camatta from her role as a full member of the company’s Fiscal Council, following her appointment as the Ombudsman of Petrobras. The company is set to undertake necessary measures to reconstitute the Fiscal Council in line with governance procedures, ensuring stakeholders and the market are kept informed of developments.
On November 5, 2025, Petrobras announced a favorable decision by the Superior Court of Justice regarding its legal case against Paragon Offshore Nederland B.V., a former supplier of oil and gas exploration rigs. The court upheld Petrobras’ appeal, overturning a previous decision and ordering a new trial in the Rio de Janeiro Court of Justice. The lawsuit is valued at approximately R$ 2.9 billion, with R$ 154 million already provisioned. This decision could have significant financial implications for Petrobras and its stakeholders.
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.
On October 28, 2025, Petrobras announced that the FPSO Almirante Tamandaré, operating in the Búzios field, achieved a record production flow of 270,000 barrels of oil per day on October 25. This surpasses its nominal capacity of 225,000 bpd, with an average production exceeding 250,000 bpd throughout October. This milestone is part of Petrobras’ strategy to enhance production efficiency while adhering to strict safety protocols. The Búzios 7 Project, which includes this platform, is expected to significantly contribute to the field’s goal of reaching 1 million barrels per day by year-end. Additionally, the project will receive the OTC Brasil Distinguished Achievement Award, highlighting its importance in offshore oil and gas technology.
On October 22, 2025, Petrobras announced its successful acquisition of two blocks in the Campos Basin during the 3rd Cycle of the Permanent Production Sharing Offer by Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP). The company secured the Jaspe block in partnership with Equinor Brasil Energia Ltda., where Petrobras holds a 60% stake, and fully acquired the Citrino block. This strategic move aligns with Petrobras’ long-term goals, enhancing its reserve replenishment capabilities and reinforcing its position as a leading operator in ultra-deep waters. The acquisition reflects Petrobras’ selective approach in expanding its exploratory portfolio, adding nearly 2,300 km² of new areas.
On October 20, 2025, Petrobras announced the signing of an Expenses and Volumes Equalization Agreement with PPSA for the Jubarte Pre-Salt Shared Reservoir. This agreement, following the Production Individualization Agreement approved by Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels, outlines the proportional shares of each company involved, with Petrobras holding a 97.250% share. The agreement requires Petrobras to pay PPSA R$ 1.54 billion by the end of October, with most of this amount already provisioned in the company’s financial statements. This development is part of ongoing negotiations to reconcile revenues and expenses among partners in the Argonauta Field, which include Shell Brasil, Enauta, and ONGC Campos.
On October 20, 2025, Petrobras announced it has received an environmental license from Ibama to drill an exploratory well in the Amapá Deep Waters, located off the Brazilian Equatorial Margin. The drilling operation, set to begin immediately, aims to gather geological data and assess the potential for oil and gas production in the area. This initiative underscores Petrobras’ commitment to developing new energy frontiers to ensure Brazil’s energy security and support a fair energy transition.
Petrobras announced that it will release its third-quarter 2025 Production and Sales Report on October 24, 2025, followed by the Financial Results on November 6, 2025. A webcast to discuss these results will be held on November 7, 2025, in both Portuguese and English, indicating the company’s commitment to transparency and engagement with its stakeholders.
On September 22, 2025, Petrobras announced the payment of the second installment of shareholder remuneration based on the March 31, 2025 balance sheet. The distribution consists of R$ 0.45458309 per share, with R$ 0.30844749 as dividends and R$ 0.14613560 as interest on equity. Payments are facilitated by Banco Bradesco for shareholders with updated registrations, while ADR holders will receive payments starting September 29, 2025, through JP Morgan Chase. Unclaimed rights will revert to the company after three years, potentially impacting shareholder engagement and financial planning.
On September 10, 2025, Petrobras announced the successful settlement of its global notes offering in the international capital markets, raising a total of US$ 2 billion through its subsidiary Petrobras Global Finance B.V. The offering, which was priced on September 3, 2025, achieved historically low spreads over Brazilian Republic and U.S. Treasury bonds, indicating strong investor confidence. The demand for the notes was significantly high, with orders from investors across various regions being 3.4 times the volume issued. The proceeds from this offering are intended for general corporate purposes, reflecting Petrobras’ strategic financial management and market positioning.
On September 10, 2025, Petrobras announced the issuance of $1 billion in 5.125% Global Notes due 2030, guaranteed by the company. This move is part of Petrobras’s financial strategy to secure funding and provide assurance to noteholders, potentially impacting its financial stability and market positioning.