Brazil · Delayed Price · Currency is BRL Petróleo Brasileiro S.A. - Petrobras Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 2026 results driven by production growth, refinery modernization, and strategic investments. Guidance and capital discipline maintained, with focus on self-sufficiency and value creation amid volatile oil prices.
Fiscal Year 2025
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Record oil and gas production and strong cash flow offset a 14% Brent price drop, with EBITDA at $42.5B and net income at $19.6B. Reserve replacement hit 175%, and refinery utilization reached 91%. Strategic focus remains on capital discipline, efficiency, and growth.
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Production is set to peak at 2.7 million barrels per day by 2028, supported by $109 billion in investments, with a strong focus on E&P, cost optimization, and operational efficiency. The plan maintains financial discipline, flexibility, and a stable dividend policy, while advancing energy transition initiatives.
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Record oil and gas production and strong operational efficiency drove a 28% sequential increase in net income and robust cash flow, supporting a BRL 12.2 billion dividend. CapEx execution accelerated, with most investment in E&P, while debt and dividend policies remain unchanged.
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Production and gas supply hit record highs in Q2 2025, offsetting lower oil prices and supporting stable earnings. Capital discipline, cost reductions, and a focus on profitable projects underpin guidance, with dividends maintained and debt under control.
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Q1 2025 saw robust financial and operational results despite lower Brent prices, with EBITDA up 8% and net income at $6B. Production rose 5.4%, new pre-salt discoveries were made, and cost discipline remains a priority as CapEx guidance is maintained.
Fiscal Year 2024
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2024 saw strong cash generation, record investments, and robust dividends, despite a Q4 accounting loss driven by exchange rate effects. Production capacity expanded with advanced investments in Búzios, and 2025 is expected to bring further growth and operational improvements.
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A $111 billion investment plan for 2025-2029 prioritizes oil and gas production growth, low-carbon projects, and robust shareholder returns, with strong governance and risk management. The strategy includes increased CapEx execution, flexible debt, and a renewed focus on ethanol and cleaner fuels.
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Record production and robust financials marked Q3, with recurring EBITDA at $11.6B and net income at $5.9B. Strategic investments in exploration, revitalization of mature basins, and disciplined capital allocation support long-term growth despite oil price and regulatory challenges.
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Solid Q2 2024 results featured stable net income and EBITDA, strong cash flow, and increased CapEx. Production growth, robust shareholder returns, and disciplined capital allocation were highlighted, while non-recurring tax and FX impacts were absorbed with minimal cash effect.