PETROBRAS - PETROLEO BRASILEIRO (PBR) Company Report

Analyst Coverage

Research analysts who have asked questions during PETROBRAS - PETROLEO BRASILEIRO earnings calls.

Bruno Montanari

Morgan Stanley

4 questions for PBR

Also covers: BAK, CSAN, EC +4 more

Gabriel Coelho Barra

Citigroup

3 questions for PBR

Also covers: BAK, CSAN, UGP

Luiz Carvalho

UBS

2 questions for PBR

Also covers: BAK, CSAN, UGP

Monique Greco

Itau BBA

2 questions for PBR

Also covers: CSAN, UGP

Regis Cardoso

XP Investimentos

2 questions for PBR

Also covers: BAK, CSAN, UGP

Rodolfo De Angele

JPMorgan Chase & Co.

2 questions for PBR

Also covers: GGB, SUZ, UGP +2 more

Bruno Amorim

The Goldman Sachs Group, Inc.

1 question for PBR

Also covers: CSAN, EBR, ELP +3 more

Caio Ribeiro

Bank of America

1 question for PBR

Also covers: CSNA3.SA, GGB, SID +3 more

Gabriel Pardo

Citigroup

1 question for PBR

Jorge Gabrich

Scotiabank

1 question for PBR

Liliani Yang

HSBC

1 question for PBR

Also covers: CIG

Lilyanna Yang

HSBC

1 question for PBR

Luis Cavallo

BTG Pactual

1 question for PBR

Matheus Enfeldt

UBS

1 question for PBR

Also covers: AGRO, CSAN, UGP

Pedro Soares

BTG Pactual

1 question for PBR

Also covers: CSAN, UGP

Rodrigo Reis de Almeida

Santander

1 question for PBR

Also covers: BAK, TS, UGP

Vicente Falanga Neto

Bradesco BBI

1 question for PBR

Also covers: BAK, GPRK, UGP +1 more

Vicente Vicente

Bradesco BBI

1 question for PBR

Latest news

Recent press releases and 8-K filings for PBR.

Petrobras surpasses 2025 production targets and sets historical records

PBR

Guidance Update

New Projects/Investments

Petrobras's oil production in 2025 reached 2.40 million barrels of oil per day (bpd), exceeding the upper limit of its target by 0.5 percentage points and marking an 11% increase compared to 2024 production.
Total oil and natural gas production also surpassed its target, reaching 2.99 million barrels of oil equivalent per day (boed), an 11% increase over 2024.
These production figures, including commercial production, broke historical annual records for the company over more than 70 years of operations.
New annual records were set in the pre-salt region, with own total production of 2.45 million boed and operated production of 3.70 million boed, accounting for 82% of Petrobras's total production.
The start of operations for two new platforms (FPSO Almirante Tamandar\u00e9 and FPSO Alexandre de Gusm\u00e3o) and increased operational efficiency were fundamental to exceeding the production targets.

43 minutes ago

6-K

Petrobras Announces Start of Production for P-78 FPSO in Búzios Field

PBR

New Projects/Investments

Product Launch

Petr\u00f3leo Brasileiro S.A. \u2013 Petrobras announced the FPSO P-78 began production on December 31 in the B\u00fazios field.
The P-78 unit has a capacity to produce 180,000 barrels of oil per day and compress 7.2 million cubic meters of gas daily.
With the P-78 coming online, the installed capacity of the B\u00fazios field will expand to approximately 1.15 million barrels per day, and the project will increase Brazil's gas supply by up to 3 million cubic meters per day through exports via the Rota 3 gas pipeline.

Jan 2, 2026, 12:21 PM

6-K

Petrobras Announces New Commercial Contracts with Braskem

PBR

New Projects/Investments

Petrobras has signed new long-term commercial contracts with Braskem S.A. for the supply of petrochemical products, with start dates of January 1, 2026, or May 18, 2026.
The agreements include contracts for Petrochemical Naphtha with an estimated value of US$11.3 billion over a 5-year term, supplying up to 4.316 million tons in 2030.
A contract for Ethane, Propane, and Hydrogen is valued at US$5.6 billion over 11 years, providing 580,000 tons of ethylene equivalent per year from 2026 to 2028, and increasing to 725,000 tons per year from 2029 to 2036 to support Braskem's planned expansion.
Contracts for Propylene are valued at US$940 million over 5 years, with quantities up to 140,000 tons per year from Recap, 100,000 tons from Reduc, and scaled quantities from Refap.

Dec 18, 2025, 10:38 PM

6-K

Petrobras acquires additional stakes in Mero and Atapu shared reservoirs

PBR

New Projects/Investments

M&A

Petrobras, in partnership with Shell Brasil Petr\u00f3leo Ltda, acquired the Union's 3.500% participation in the Mero shared reservoir for R$ 7,791,844,310.00, increasing its stake from 38.60% to 41.40%.
The company also acquired the Union's 0.950% participation in the Atapu shared reservoir, in partnership with Shell, for R$ 1,001,456,652.00, raising its participation from 65.687% to 66.38%.
Petrobras will make a payment of R$ 6.97 billion in December 2025 for these acquisitions, which align with its Business Plan 2026-30 to replace oil and gas reserves.

Dec 4, 2025, 3:18 PM

6-K

Petrobras Unveils 2026-2030 Business Plan with $109 Billion Investment

PBR

New Projects/Investments

Guidance Update

Dividends

Petrobras's new 2026-2030 business plan outlines total investments of $109 billion over the next five years, with over 70% allocated to Exploration & Production (E&P) projects.
The company forecasts oil production to reach 2.7 million barrels per day by 2028 and maintain around 2.6 million until 2034, with total oil and gas equivalent production targeting 3.4 million barrels per day in 2028.
Petrobras anticipates approximately $12 billion in savings from manageable operating expenses between 2025 and 2030, including a reduction in extraction and non-operating platform costs from $2.2 billion in 2024 to $1.2 billion annually.
The plan projects a balanced Brent price of approximately $59 per barrel in 2026 to maintain stable net debt, cover obligations, and fund investments, a reduction from $82 in 2025.
The company reiterated its commitment to the long-term maintenance of dividends and a policy of distributing any cash surplus.

Nov 28, 2025, 7:30 PM

Transcript

Petrobras Unveils 2026-2030 Business Plan with $109 Billion Investment

PBR

Guidance Update

New Projects/Investments

Dividends

Petrobras presented its 2026-2030 business plan, forecasting a total investment of $109 billion over the next five years, with over 70% allocated to E&P projects.
The company expects oil production to reach 2.7 million barrels per day by 2028, and oil and gas equivalent production to hit 3.4 million barrels per day in 2028.
Management anticipates $12 billion in savings from manageable operating expenses between 2025 and 2030 , and projects a break-even Brent of $59 per barrel in 2026, down from $82 in 2025.
CapEx is planned at $19.4 billion in 2026 and $21 billion in 2027.
Petrobras reiterated its commitment to maintain its dividend payout policy and stated there is no taboo on extraordinary dividends if significant cash surpluses arise from higher Brent prices or production.

Nov 28, 2025, 7:30 PM

Transcript

Petrobras Announces 2026-2030 Business Plan with $109 Billion Investment

PBR

New Projects/Investments

Guidance Update

Dividends

Petrobras announced its 2026-2030 business plan, forecasting a total investment of $109 billion over the next five years, with over 70% of this amount allocated to E&P projects.
The company projects an 11% increase in oil production from 2024 to 2025, reaching 2.4 million barrels of oil per day (plus gas) in 2025, and anticipates the ramp-up of FPSO Almirante Tamandar\u00e9 with a capacity of up to 270,000 barrels of oil a day.
Planned CapEx is $19.4 billion for 2026 and $21 billion for 2027, with a forecasted break-even Brent price of $59 per barrel in 2026.
Petrobras aims to reduce extraction costs and costs of non-operating platforms from $2.2 billion in 2024 to $1.2 billion in the plan, while maintaining its dividend payout policy and distributing any cash surplus.

Nov 28, 2025, 7:30 PM

Transcript

Petrobras Outlines Five-Year Investment Plan and Production Targets

PBR

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Petrobras forecasts an investment of $109 billion over the next five years, with more than 70% allocated to Exploration and Production (E&P) projects.
The company aims to reach 2.7 million barrels per day of oil by 2028 and maintain 2.6 million barrels per day until 2034. It also targets 3.4 million barrels of oil and gas per day in 2028.
Petrobras expects to achieve estimated savings of around $12 billion in manageable operating expenses between 2025 and 2030. The breakeven Brent price has moved from $82 in 2025 to $59, and is expected to be around $60 per barrel in upcoming years. The company also has $10 billion in discretionary investments that can be postponed to manage debt levels in a lower oil price scenario.

Nov 28, 2025, 7:30 PM

Transcript

Petrobras Outlines 2026-2030 Strategic Plan and Production Targets

PBR

New Projects/Investments

Guidance Update

Petrobras' total investment opportunities portfolio amounts to US$ 109 billion, with US$ 91 billion currently "Under Implementation" for the 2026-2030 period. Of this, 69% is allocated to Exploration & Production, 16% to Refining, Transportation and Marketing, and 4% to Gas & Low Carbon Energies.
The company forecasts oil production (Petrobras Work Interest) to reach 2.4 million bpd in 2025, increasing to 2.7 million bpd by 2028. Total production (Petrobras Work Interest) is projected to be 3.1 MMboed in 2026 and 3.4 MMboed by 2028.
Petrobras aims for gross debt convergence to US$ 65 billion and maintains a Brent breakeven for neutral net debt of US$ 59/bbl in 2026. The Brent price assumption for 2025-2030 is $70/bbl.
The company plans significant investments in low-carbon initiatives, including bioproducts, low-carbon hydrogen, and renewable energy, targeting 1.7 GW of installed electricity generation capacity from renewables by 2030. Petrobras also commits to zero routine flaring by 2030 and a methane emissions intensity of 0.20 tCH4/thousand tHC by 2030.

Nov 28, 2025, 11:14 AM

6-K

Petrobras Approves Business Plan 2026-2030

PBR

New Projects/Investments

Guidance Update

Dividends

Petrobras's Board of Directors approved the Business Plan 2026-2030 (BP 2026-30) on November 27, 2025, forecasting total investments of US$ 109 billion over the period, with US$ 91 billion allocated to the Implementation Portfolio and US$ 18 billion to the Under Evaluation Portfolio.
The plan maintains a strategic focus on oil and gas while diversifying into low-carbon businesses, including petrochemicals, fertilizers, and biofuels.
Petrobras projects a peak oil production of 2.7 million bpd in 2028 and a peak total production of 3.4 million barrels of oil equivalent and gas per day (boed) in 2028 and 2029.
Cost optimization initiatives are expected to generate US$ 12 billion in savings in manageable operating expenses between 2025 and 2030, representing an average annual reduction of 8.5% compared to the previous plan.
Investments in energy transition initiatives total US$ 13 billion, representing 12% of total investments. The plan targets a Brent breakeven for net debt neutrality of US$ 59 per barrel in 2026 and US$ 48 per barrel in 2030, with estimated ordinary dividends ranging from US$ 45 billion to US$ 50 billion.