Company Report

Petrobras corporate report

Get this report

$5,400

You can pay by card or invoice

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- FAQs about online orders
- Find out more about subscriptions

23 November 2020

Petrobras corporate report

Report summary

Petrobras is retrenching to its core strengths in deepwater E&P. High-grading is shrinking the portfolio around a smaller core of advantaged assets. Elephant-sized pre-salt discoveries place its upstream portfolio at the bottom of the cost curve. And allocating capital under the industry’s lowest price assumptions ensures healthy returns no matter what happens to demand. Peers should be looking up to Petrobras as one of the viable models for the oil and gas company of the future.

Table of contents

  • SWOT analysis
  • Overview
  • Key targets
  • Long-term strategic outlook
  • Recent market performance
  • Overview
  • Capital allocation
  • Company targets
  • Corporate breakeven
  • Net debt
  • Liquidity
  • Financial swing factors
    • Overview
    • Performance
    • Wood Mackenzie view
    • Legacy portfolio
    • Growth themes
    • Company targets
    • Wood Mackenzie view
    • Production swing factors
    • Overview
    • Projects under development
    • Pre-FID portfolio
    • Developing core assets
    • Overview
    • Wood Mackenzie view
    • IOR/EOR
    • Overview
    • Wood Mackenzie view
    • Exploration
    • Overview
    • Performance
    • Wood Mackenzie view
    • Business development and M&A
    • Overview
    • Overview
    • Refining
    • Portfolio
    • Wood Mackenzie view
    • Transportation
    • Overview
    • Marketing
    • Overview
    • Business development and M&A
    • Overview
    • Overview
    • Portfolio
    • Wood Mackenzie view
    • Business development and M&A
    • Overview
    • Overview
    • Company targets
    • Wood Mackenzie view
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
    • Wood Mackenzie base case production metrics
    • Wood Mackenzie base case reserve and resource metrics

Tables and charts

This report includes 53 images and tables including:

  • Benchmark: corporate price assumptions
  • Benchmark: market premium/discount to WM NPV10
  • Benchmark: share price performance
  • Petrobras: pre-salt resilient through E&P capex revision
  • Petrobras: capex evolution by business plan
  • Petrobras: net debt outlook
  • Benchmark: corporate breakevens
  • Corporate cash flow (CF) breakdown* and price sensitivity
  • Petrobras: production evolution by country
  • Petrobras: upstream net cash flow by basin
  • Benchmark: WM NPV10 by resource theme
  • Benchmark: WM NPV10 by maturity
  • Petrobras: strategic fit of upstream assets
  • Petrobras: reported production vs company targets vs WM outlook
  • Benchmark: WM production CAGR – short term vs long
  • Petrobras: projected capital spend to 2035 and IRRs for top greenfield projects
  • Benchmark: new field* development returns vs investment
  • Benchmark: capex intensity outlook
  • Petrobras: lifting cost* by resource theme
  • Petrobras: point-forward breakeven and remaining reserves for assets in Brazil
  • Petrobras: recovery factor for key Campos Basin fields
  • Benchmark: deepwater-turbidite recovery factors
  • Benchmarrk: outlook for top 10 prospective basins globally
  • Benchmark: Brazilian offshore acreage by basin
  • Petrobras: downstream segment profitability – reported vs WM outlook
  • Benchmark: net cash margin (NCM) outlook – Petrobras vs global averages
  • Petrobras: gas and power segment profitability – reported vs WM outlook
  • Petrobras: total emissions* – reported vs WM
  • Petrobras: breakdown of reported total emissions*
  • Benchmark: flaring intensity
  • Upstream EV vs Upstream NPV10
  • Upstream portfolio sensitivities vs Upstream EV
  • Base case upstream NPV10 by country
  • Base case upstream NPV10 by country risk
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • Reported and unit development costs
  • New project returns
  • Reported and WM forecast production
  • WM forecast production – liquid vs gas
  • WM forecast production by country – liquid
  • WM forecast production by country – gas
  • WM total commercial reserves
  • WM total resources by region
  • Total reserves: reported vs Wood Mackenzie
  • Reserve life: reported vs Wood Mackenzie
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions

What's included

This report contains:

  • Document

    Petrobras corporate report

    PDF 2.79 MB

  • Document

    Petrobras corporate report

    ZIP 3.06 MB

  • Document

    Petrobras corporate report 2020.xlsx

    XLSX 1.73 MB