Company report
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28 Pages

Petrobras corporate report

Petrobras corporate report

Report summary

Petrobras is undergoing profound change as it reacts to the fallout from Lava Jato and lower oil prices. Capital spending has been slashed, the dividend suspended and a major divestment programme has begun. Debt remains a problem however. Deleveraging is the priority, but achieving this will be difficult with the company's debt set to continue deteriorating in the medium-term.

What's included?

This report includes 2 file(s)

  • Petrobras corporate report PDF - 2.00 MB 28 Pages, 10 Tables, 31 Figures
  • Petrobras Corporate Report.xls XLS - 3.34 MB


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
  • Strategy
    • Recent strategic moves
    • Current strategic positioning
    • Strategic priorities
      • 1. Deleveraging – divestments and other measures needed
        • Non-upstream sale options (valuations taken from public sources)
      • 2. Sustaining the Campos Basin legacy business
      • 3. Growth dependent on project execution excellence
      • 4. Shifting focus to "value over volume"
      • 5. Market-based domestic fuel prices the key to downstream health
      • 6. Exploration – taking advantage of privileged position to create value
  • Financial health
    • Risks to our outlook
      • Transfer of Rights revaluation
      • Tax and other disputes
      • Lawsuit losses could be substantial
  • Investment
    • Legacy assets
    • Development pipeline
      • Assets under development
      • Yet-to-be sanctioned projects
  • Resources, reserves and production
    • Resources and reserves overview
    • Production overview
  • Key success factors
    • Key growth assets by value
  • Economic assumptions

In this report there are 41 tables or charts, including:

  • Executive summary
    • SWOT analysis
  • Strategy
    • Benchmark: share price performance
    • Benchmark: market premium / discount to WM upstream NPV,10
    • Strategic fit of upstream assets and regions
    • Benchmark: NPV,10 by resource theme
    • Benchmark: 2016 production
    • Strategy: Image 6
    • Benchmark: capital investment (2016 to 2020)
    • Benchmark: production CAGR
    • Benchmark: WM production outlook
    • Upstream asset sale options
    • Strategy: Table 2
    • Domestic upstream cash flow by growth / legacy
    • Domestic upstream capex outlook by growth / legacy
    • Domestic oil production outlook by local content
    • Pre-FID Brent breakeven (15% discount rate)
    • Benchmark: pre-FID project returns
    • Upstream development spend intensity
    • Downstream cash flow outlook
    • Domestic supply and demand outlook
    • Benchmark: value creation
    • Brazil's exploration potential by basin
  • Financial health
    • Net debt outlook
    • Corporate cash flow outlook
    • Cash flow breakevens
    • Benchmark: cash flow breakevens (2016 to 2018)
  • Investment
    • Development investment (2016 to 2020)
    • Top pre-FID projects by projected capex (to 2030)
  • Resources, reserves and production
    • Reserves and resource detail
    • Benchmark: reserves and resources detail
    • Benchmark: reserves and resource life
    • Production outlook
  • Key success factors
    • Top legacy assets by value
    • Key success factors: Table 2
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Value assumptions
    • Foreign exchange rate assumptions
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