Company Report
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
-
Business development and M&A
- Overview
- Performance
- Wood Mackenzie view
- Legacy portfolio
- Growth themes
-
Production outlook
- Company targets
- Wood Mackenzie view
- Production swing factors
-
New project returns
- Overview
- Projects under development
- Pre-FID portfolio
-
Portfolio renewal
- 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
-
Valuation
- Wood Mackenzie base case valuation metrics
-
Investment
- Wood Mackenzie base case investment and cost metrics
-
Production
- Wood Mackenzie base case production metrics
-
Reserves and resources
- 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:
Other reports you may be interested in
15 June 2020
Brazil's pre-salt coverage overview
Insight
Brazil's pre-salt coverage overview
Brazil's pre-salt is one of the most relevant deepwater plays with a huge resource base and impressive well productivity.
$1,35007 September 2020
Petrobras corporate - latest WM quarterly data
Company Report
Petrobras corporate - latest WM quarterly data
The latest Wood Mackenzie quarterly snapshot of Petrobras, including an in-depth, forward-looking dataset.
$1,10020 November 2017
Corporate week in brief: Petrobras hails 'best ever' pre-salt exploration result in Brazil’s Campos Basin
Insight
Corporate week in brief: Petrobras hails 'best ever' pre-salt exploration result in Brazil’s Campos Basin
We look at Petrobras’ return to world class exploration success, Anadarko and Hess’ 2018 capital allocation plans and the latest M&A deals.
$700
