Luis Cavallo's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q2 2025
Question
Luis Cavallo from BTG Pactual asked about the company's flexibility regarding its investment plan and dividends, given the cash flow gap created by current oil prices being significantly lower than the plan's initial assumption.
Answer
An executive explained that last year's debt level adjustment provided flexibility for the current scenario. While this year's $18.5B CapEx is firm due to signed contracts, the 2026-2030 plan will involve re-evaluating and potentially postponing or re-engineering projects to fit the new price reality. Ordinary dividends remain secure, but extraordinary dividends are less probable. CEO Magda Chambriard and executive Renata added that innovative contracting strategies are also being used to generate significant cost savings on new projects.