Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on exploration and production of oil and gas in Brazilian offshore fields. Production in 2023 was 2.8 million barrels of oil equivalent a day (80% oil production), and reserves stood at 10.9 billion boe (85% oil).
Is Petrobras a return to profligate spending?
While the latest plan is by no means a return to the profligate spending of a decade ago that first placed Petrobras in jeopardy, it is—along with a reduction in the payout ratio—a departure from the capital discipline of the last few years that resulted in a healthier balance sheet and large shareholder payouts. PBR is trading at a 641% premium.
How many refineries does Petrobras operate in Brazil?
At end-2023, Petrobras operated 10 refineries in Brazil with capacity of 1.8 million barrels a day and distributes refined products and natural gas throughout Brazil. Transparency is our policy.
