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Petroleo Brasileiro SA Petrobras ADR PBR

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Morningstar’s Analysis

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Despite Recent Management Turmoil, Petrobras Continues To Deliver As Q4 Results Show

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Petrobras' fourth-quarter earnings brought a sense of relief after a tumultuous start to the week that brought the announcement of the CEO departure and a sharp sell-off. This news and accompanying increase in uncertainty obscure an underlying positive story of improved profitability and deleveraging engineered by the current CEO. Unfortunately, continuation of this success is now in question with his imminent departure and replacement by a political appointee who might diverge from the existing strategic plan and pricing policies.  

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Company Profile

Business Description

Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on exploration and production for oil and gas in Brazilian offshore fields. Production in 2019 was 2.8 million barrels of oil equivalent a day (80% oil production), and reserves stood at 9.6 billion boe (85% oil). Petrobras operates 13 refineries in Brazil with capacity of 2.2 million barrels a day and distributes refined products and natural gas throughout Brazil.

Contact
Avenida Republica do Chile, 65
Rio de Janeiro, RJ, 20031-912, Brazil
T +55 2132244477
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 57,983

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