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Petroleo Brasileiro SA Petrobras ADR PBR Stock Quote

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Morningstar‘s Stock Analysis PBR

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Increasing Petrobras' FVE on Higher Oil Prices, but CEO Turnover Increases Risk

Allen Good, CFA Sector Strategist

Business Strategy and Outlook

| Allen Good, CFA |

Despite turnover in top management, Petrobras appears to be sticking to the same key elements of its strategic plans—notably reduced leverage, disciplined capital spending, and modest production growth—that have righted the ship in recent years. The strategy is literally paying dividends as Petrobras is increasing payouts given the stronger cash flow resulting from higher oil price instead of plowing it back into value-destructive investment.

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Key Statistics PBR

Company Profile PBR

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 2021 was 2.8 million barrels of oil equivalent a day (83% oil production), and reserves stood at 9.9 billion boe (85% oil). At year-end 2021, Petrobras operated 12 refineries in Brazil with capacity of 1.9 million barrels a day and distributes refined products and natural gas throughout Brazil.

Avenida Republica do Chile, 65
Rio de Janeiro, RJ, 20031-912, Brazil
T +55 2132244477
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 38,703

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