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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 | 88.72B | 91.42B | 102.41B | 124.47B | 83.97B | 53.68B |
| Gross Profit | 44.10B | 45.97B | 53.97B | 64.99B | 40.80B | 24.49B |
| EBITDA | 29.46B | 31.86B | 52.30B | 70.05B | 44.90B | 16.99B |
| Net Income | 8.72B | 6.79B | 24.88B | 36.62B | 19.88B | 1.14B |
Balance Sheet | ||||||
| Total Assets | 199.87B | 181.65B | 217.07B | 187.19B | 174.35B | 190.01B |
| Cash, Cash Equivalents and Short-Term Investments | 7.67B | 7.53B | 15.55B | 10.77B | 11.12B | 12.37B |
| Total Debt | 64.49B | 60.31B | 62.60B | 53.80B | 58.74B | 75.54B |
| Total Liabilities | 130.63B | 122.30B | 138.09B | 117.36B | 104.54B | 130.13B |
| Stockholders Equity | 68.93B | 59.11B | 78.58B | 69.49B | 69.41B | 59.35B |
Cash Flow | ||||||
| Free Cash Flow | 21.04B | 21.27B | 31.10B | 40.14B | 31.47B | 23.02B |
| Operating Cash Flow | 37.01B | 36.09B | 43.21B | 49.72B | 37.79B | 28.89B |
| Investing Cash Flow | -11.81B | -13.37B | -7.96B | -432.00M | 2.16B | -4.51B |
| Financing Cash Flow | -31.35B | -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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $54.75B | 20.59 | 4.99% | 4.99% | -6.31% | -33.87% | |
74 Outperform | $212.55B | 16.31 | 7.51% | 3.86% | -5.75% | -20.18% | |
73 Outperform | $80.66B | 6.16 | 19.48% | 12.75% | -13.68% | -13.96% | |
73 Outperform | $65.56B | 8.44 | 19.62% | 8.38% | 1.19% | -7.87% | |
73 Outperform | $141.93B | 11.10 | 13.37% | 4.60% | -10.73% | -36.76% | |
65 Neutral | $92.35B | 151.23 | 0.98% | 5.39% | -7.40% | -90.89% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
Petroleo Brasileiro SA- Petrobras Corporate Events
On September 22, 2025, Petrobras announced the payment of the second installment of shareholder remuneration based on the March 31, 2025 balance sheet. The distribution consists of R$ 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.
On September 3, 2025, Petrobras Global Finance B.V., a subsidiary of Petróleo Brasileiro S.A. – Petrobras, announced the issuance of $2 billion in global notes. The issuance includes $1 billion of 5.125% notes due in 2030 and $1 billion of 6.250% notes due in 2036. This move is part of Petrobras’s strategy to manage its financial obligations and strengthen its market position, with the notes being guaranteed by Petrobras and underwritten by major financial institutions including BBVA Securities Inc., Citigroup Global Markets Inc., and others.
On September 3, 2025, Petrobras announced the pricing of two series of U.S. dollar-denominated global notes through its subsidiary, Petrobras Global Finance B.V. These notes, amounting to $1 billion each, are due in 2030 and 2036, with interest rates of 5.125% and 6.250%, respectively. The proceeds from these notes are intended for general corporate purposes, and the issuance reflects Petrobras’s strategic financial planning to support its operations and growth. This move could potentially strengthen Petrobras’s financial position and enhance its ability to invest in future projects, impacting stakeholders positively.
On September 3, 2025, Petrobras announced the incorporation by reference of KPMG’s report into its registration statements, following a review of its unaudited condensed consolidated interim financial statements dated August 7, 2025. This acknowledgment by KPMG is part of Petrobras’s ongoing compliance with the Securities Act of 1933, ensuring transparency and adherence to regulatory standards, which is crucial for maintaining investor confidence and supporting its financial operations.
On September 3, 2025, Petrobras announced that its subsidiary, Petrobras Global Finance B.V., has launched an offering of U.S. dollar-denominated global notes in the international capital markets. The proceeds from this offering are intended for general corporate purposes, and the notes will be guaranteed by Petrobras. This move is part of Petrobras’ strategy to strengthen its financial position and enhance its operational capabilities in the competitive energy sector.
On August 27, 2025, Petrobras announced the nomination of Mr. Marcelo Weick Pogliese to its Board of Directors, replacing Mr. Pietro Adamo Sampaio Mendes. The appointment is subject to internal governance procedures, including compliance and integrity checks, and will be reviewed by the People Committee and the Board of Directors. Mr. Pogliese brings extensive legal and governmental experience to the role, having served in various high-level legal positions within the Brazilian government and previously as an advisor to Petrobras’ CEO. This nomination could potentially strengthen Petrobras’ governance and strategic direction, impacting its operations and stakeholder relations.
Petrobras reported a 10.9% decrease in sales revenues for the first half of 2025 compared to the same period in 2024, with revenues totaling $42.11 billion. Despite the decline in sales, the company saw a significant increase in net income attributable to shareholders, which rose by 141.3% to $10.71 billion. This financial performance reflects a challenging market environment, characterized by lower average Brent crude prices and reduced domestic and export sales, impacting its overall revenue generation.
On August 21, 2025, Petrobras announced the appointment of Mr. Bruno Moretti as the new Chairman of the Board of Directors. This decision, made during a board meeting, is expected to influence the company’s strategic direction and governance. Mr. Moretti brings extensive experience in economics and government roles, which may impact Petrobras’s operations and stakeholder relations positively.
On August 20, 2025, Petrobras announced the immediate resignation of Mr. Pietro Adamo Sampaio Mendes from his role as Chairman and member of the Board of Directors due to new professional challenges. Mr. Mendes expressed gratitude to his colleagues and wished them success. The Board of Directors is authorized to elect a replacement until the next General Shareholder Meeting, ensuring continuity in leadership. This change in leadership could impact Petrobras’ strategic direction and stakeholder relations, and the company has committed to keeping the market informed.
On August 20, 2025, Petrobras announced the payment of the first installment of shareholder remuneration based on its March 31, 2025 balance sheet. The payment, amounting to R$ 0.45458310 per share, will be distributed as interest on equity. This move reflects Petrobras’ commitment to returning value to its shareholders and may influence investor confidence and market perception positively.
On August 14, 2025, Petrobras submitted a report as a foreign private issuer under the Securities Exchange Act of 1934. This filing, signed by Chief Financial Officer and Investor Relations Officer Fernando Sabbi Melgarejo, underscores Petrobras’s ongoing compliance with international financial regulations, which is crucial for maintaining its market position and investor confidence.
In the second quarter of 2025, Petrobras demonstrated robust operational performance by implementing new production systems and enhancing efficiency in operating fields, which led to increased oil and gas volumes. This improvement helped offset the impact of declining Brent prices, maintaining net income and adjusted EBITDA levels similar to the previous quarter. Key operational highlights included a 5% increase in oil and NGL production, the start-up of FPSO Alexandre de Gusmão, and a new high-quality oil discovery in the Santos Basin pre-salt. The company also made significant contributions to society by paying R$ 66 billion in taxes and approving R$ 8.7 billion in dividends for the quarter.
Petrobras released its unaudited condensed consolidated interim financial statements for the period ending June 30, 2025. The report highlights a decrease in sales revenue from $47.2 billion in the first half of 2024 to $42.1 billion in the same period in 2025. Despite the drop in revenue, the company’s total assets increased from $181.6 billion at the end of 2024 to $215.3 billion by mid-2025, indicating a strengthening of its financial position. This financial update may impact Petrobras’s operational strategies and influence stakeholder decisions as the company navigates the fluctuating energy market.
Petrobras released its interim financial information for the period ending June 30, 2025, highlighting a decrease in total assets from R$1,569,110,000 at the end of 2024 to R$1,543,623,000. The report indicates a reduction in current assets, notably in cash and cash equivalents, while non-current assets saw a slight increase. The company’s liabilities also decreased over the same period, reflecting changes in current liabilities and debt obligations. These financial adjustments may impact Petrobras’s operational strategies and financial health, influencing its market positioning and stakeholder interests.
On August 7, 2025, Petrobras announced its Board of Directors approved the payment of interim dividends and interest on equity totaling R$ 8.66 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 when certain financial conditions are met. The payments will be made in two installments in November and December 2025 and are designed to maintain the company’s financial sustainability while rewarding shareholders. These payments will be deducted from the remuneration to be approved at the 2026 Annual General Meeting, adjusted by the Selic rate.
On August 7, 2025, Petrobras announced that its Board of Directors approved a strategic positioning in the distribution sector, focusing on profitable businesses and partnerships within the Downstream and G&E and Low Carbon segments. This move aims to enhance Petrobras’ operations by integrating LPG distribution and offering low-carbon solutions to its customers, potentially strengthening its market position and aligning with global sustainability trends.
On August 4, 2025, Petrobras announced the completion of the transfer of its entire stake in the Cherne and Bagre fields to Perenco Petróleo e Gás do Brasil Ltda. These fields, located in the Campos Basin, had halted production since March 2020. The transfer includes compensation adjustments and offers the potential for production resumption under Perenco, avoiding decommissioning by Petrobras. This move aligns with Petrobras’ strategic divestment plans and allows the company to reallocate resources and employees to other operations.
On July 30, 2025, Petrobras announced a new broadcast time for its second quarter 2025 results webcast, scheduled for August 8, 2025. This webcast, which will be presented in Portuguese with simultaneous English translation, reflects Petrobras’s commitment to transparency and effective communication with its stakeholders, potentially impacting investor relations and market perceptions.
In the second quarter of 2025, Petrobras reported a 5% increase in average production of oil, NGL, and natural gas compared to the first quarter, reaching 2.91 MMboed. This growth was driven by the ramp-up of several FPSOs and the start-up of new wells, despite challenges such as maintenance stoppages and natural production declines. Notably, the FPSO Alexandre de Gusmão began operations ahead of schedule in May, marking a milestone in the Mero field. Additionally, Petrobras achieved several production records, including a new high for total operated production and pre-salt production. The company also made significant strides in refining, with increased production capacity for S-10 diesel and jet fuel at the Paulínia Refinery, contributing to a phase-out of S-500 diesel. Furthermore, Petrobras advanced its sustainability efforts by partnering with Vale to supply a bulk carrier with a marine fuel blend containing biodiesel.
On July 24, 2025, Petrobras announced its request to join as a third party in the merger review proceedings concerning the potential purchase of shares in NSP Inv., a subsidiary of Novonor S.A., by Nelson Tanure. This move is based on Petrobras’ preemptive and tag-along rights under the Braskem Shareholders’ Agreement with Novonor. The company is awaiting a decision from the Administrative Council for Economic Defense (CADE) and has not yet made any decisions regarding its stake in Braskem, emphasizing that any investment or divestment decisions will be made following thorough analysis and governance practices.
On July 23, 2025, Petrobras announced the approval of the Production Individualization Agreement (AIP) for the Jubarte Pre-Salt Shared Reservoir by the National Agency of Petroleum, Natural Gas, and Biofuels (ANP). This agreement delineates the interests and operational rules for the development and production of oil and natural gas in the shared reservoir, with Petrobras holding a 97.25% stake. The AIP will be effective from August 1, 2025, and involves financial negotiations among the involved parties to reconcile expenses and revenues related to the reservoir’s production.
On July 11, 2025, Petrobras announced the election of Angélica Garcia Cobas Laureano as the new Chief Energy Transition and Sustainability Officer. Laureano, who has extensive experience in the energy sector, including 37 years at Petrobras, will serve until April 2027. Her appointment marks a historic milestone for Petrobras as its Executive Board now has a female majority for the first time, highlighting the company’s commitment to diversity and inclusion.
On July 10, 2025, Petrobras announced it will release its second quarter 2025 Production and Sales Report on July 29, 2025, and its Financial Performance Report on August 7, 2025, both after market close. Additionally, a webcast to present these results will be held on August 8, 2025, in Portuguese with English translation. This announcement is crucial for stakeholders as it provides insights into the company’s operational and financial performance, potentially impacting its market positioning and investor relations.
On July 4, 2025, Petrobras announced the filing of its Report on the Brazilian Corporate Governance Code (CBGC) for the 2025 cycle with the Brazilian Securities and Exchange Commission. The report highlights that Petrobras maintained a 96% compliance rate with recommended governance practices, marking the highest adherence since 2019 and an improvement over the 94% compliance rate recorded in 2023. This achievement underscores Petrobras’ commitment to corporate governance, potentially enhancing its reputation and trust among investors and stakeholders.
On July 3, 2025, Petrobras announced a substantial investment of approximately R$33 billion in refining and petrochemical projects in Rio de Janeiro. This includes the integration of the Boaventura Energy Complex and Reduc, aiming to enhance diesel, jet fuel, and lubricating oil production capacities. The projects are part of the 2025-2029 Business Plan, with a focus on modernization, energy efficiency, and decarbonization. The initiatives are expected to bolster Petrobras’ industry positioning and commitment to sustainable energy practices, with implications for increased production capacity and environmental responsibility.
On June 30, 2025, Petrobras announced the successful conclusion of its 8th issuance of simple debentures, raising R$ 3 billion in the local market. The offering, which saw high demand with R$ 5.4 billion in total requests, allowed Petrobras to secure funds at competitive costs and reduce interest rates, reflecting strong investor confidence, particularly from individual investors who subscribed to 68% of the volume.