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    Gabriel Pardo

    Director and Senior Analyst at Citigroup

    Gabriel Pardo is a Director and Senior Analyst at Citigroup, specializing in Latin America financials with a focus on prominent banks and financial institutions across the region. He covers major companies such as Grupo Financiero Banorte, Banco Bradesco, Banco do Brasil, and Itaú Unibanco, earning recognition for his detailed sector insights and effective stock calls. Pardo began his career as a financial analyst in the early 2010s, with prior experience at firms including Actinver and UBS before joining Citigroup in 2017. He is a CFA charterholder and holds all required FINRA securities licenses, solidifying his reputation as a trusted authority on Latin American financial equities.

    Gabriel Pardo's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership

    Gabriel Pardo's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership • Q2 2025

    Question

    Gabriel Pardo of Citigroup asked about the flexibility of next year's investment plan, considering a tighter industry environment and softer oil prices, and how potential M&A or LPG investments could enhance CapEx efficiency.

    Answer

    CEO Magda Chambriard emphasized that the core focus remains on highly profitable E&P projects, citing an instance where a project was moved back to an earlier phase for optimization to ensure value creation in the current price environment. CFO Fernando Meaugarejo added that the next business plan will reflect capital discipline and cost reduction to adapt to the new scenario while maintaining the company's debt target. An executive, Renata, affirmed the commitment to fully execute the established CapEx plan.

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