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    Luis Cavallo

    Research Analyst at BTG Pactual

    Luis Cavallo is an equity research analyst at BTG Pactual, specializing in Latin American markets with a focus on the consumer, industrial, and infrastructure sectors. He has experience covering prominent companies in the region, though publicly verifiable performance track records and quantitative metrics such as success rates or TipRanks rankings are not available. Cavallo began his career in the financial sector prior to joining BTG Pactual, but further details about his earlier roles, tenure at the firm, and prior employers could not be firmly established. Information regarding his professional credentials, FINRA registration, or securities licenses is not publicly disclosed.

    Luis Cavallo's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership

    Luis Cavallo's questions to PETROBRAS - PETROLEO BRASILEIRO (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.

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