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Petrobras (PETR4) investor relations material
Petrobras Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary28 Nov, 2025
Recent performance and production growth
Achieved 11% year-over-year production growth, reaching 2.15 million barrels per day in 2024 and targeting 2.4 million by end-2025.
Oil production forecast for 2025 is around 2.4 million bpd, with a 12% increase in three years.
FPSO Almirante Tamandaré ramped up ahead of schedule, increasing certified capacity to 270,000 barrels per day.
Expanded S10 low-sulfur diesel and natural gas processing, supporting fertilizer projects.
Additional 100,000 barrels per day generates $2.5 billion in revenue.
Strategic investment and production outlook
$109 billion investment planned over five years, with over 70% allocated to E&P projects.
Oil production expected to peak at 2.7 million barrels per day in 2028, maintaining 2.6 million through 2034.
Targeting 3.4 million barrels of oil equivalent per day in 2028, with sustained output through 2034.
Focus on new exploration frontiers to renew reserves and maintain energy security.
Gas supply to grow with new projects and higher availability in the Santos Basin.
Financial discipline and cost optimization
Implemented measures to optimize costs, targeting $12 billion in manageable OpEx savings between 2025-2030.
Break-even Brent reduced from $82 in 2025 to $59 in 2026, supporting resilience in low-price scenarios.
CapEx for 2026 and 2027 set at $19.4 billion and $21 billion, respectively, with flexibility to adjust based on market conditions.
Average annual reduction in manageable operating expenses of 8.5% versus the previous plan.
Inventory management and contract renegotiations contribute to cost control.
What drives the extended production plateau to 2034?
How does the $10B discretionary CapEx work?
What ensures OpEx savings sustainability?
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Next Petrobras earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
A global energy giant
Petrobras, short for Petróleo Brasileiro S.A., is a Brazilian multinational energy company operating in the oil, gas, and energy sectors. It is one of the largest integrated energy companies in the world and plays a significant role in Brazil's economy.
Petrobras' business model encompasses exploration, production, refining, and distribution of oil and gas products. The company operates across the entire value chain, from upstream activities such as exploration and production to downstream operations including refining, distribution, and marketing of petroleum products. Petrobras also has a presence in the biofuels and renewable energy sectors.
Geographical presence as an advantage
The opportunities for Petrobras lie in the vast offshore oil reserves found in Brazil's pre-salt layer, which has positioned the country as a significant player in the global oil industry. Petrobras has been actively investing in developing these reserves and expanding its production capacity. Additionally, as the demand for renewable energy grows, Petrobras has the opportunity to invest in the development of biofuels and other clean energy sources.
Scandals and challenges
One of the primary challenges is the volatility of global oil prices, which can impact its profitability and financial performance. The company also faces regulatory and political risks, as it operates in a highly regulated industry with government involvement. Environmental concerns and the need to transition to a low-carbon economy also pose challenges for Petrobras in terms of sustainability and public perception.
In recent years, Petrobras has faced significant financial challenges. The company has been impacted by corruption scandals and has incurred substantial debt. However, it has implemented measures to improve its financial situation, including divestments of non-core assets, cost-cutting initiatives, and focusing on its core oil and gas operations. The company has made progress in reducing its debt and improving its financial indicators.
Three listed peers to Petrobras in the energy sector include: ExxonMobil, Chevron, and Royal Dutch Shell.
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