Insight
Strategy update: Petrobras' 2020-2024 strategic plan
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Petrobras wants to close the gap with the best oil companies in the world. The revised strategy calls for a business that is leaner and more focused. Volume growth remains relevant and defensible as investment continues to shift towards E&P. But capital discipline will not be abandoned. There is much work to be done. Delivering on the enlarged FPSO timeline will be no easy feat. Asset sales are on a hot streak, but the new disposal target is even more ambitious than before. Can the Brazilian NOC deliver?
Table of contents
- Overview
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Production outlook
- Short-term targets disappoint
- Long-term output sees explosive growth
- Transfer of Rights – high risk, high reward
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Capital discipline and portfolio management
- Relentless search for low costs
- Resilience takes centre stage
- Divestment plans expand
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Financial framework
- Profitability goals get tweaked
- Dividends to get a raise as debt reduction has end in sight
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New Energies
- Renewables remain on the sidelines
Tables and charts
This report includes the following images and tables:
- Detailed 2020 production outlook - Petrobras vs. Wood Mackenzie
- Production outlook - Petrobras vs. Wood Mackenzie
- Opex savings plateaues but pre-salt emphasis should drive costs lower
- Profitability metric changes
- Dividend policy is linked to gross debt reduction
- Sustainability targets reinforce lack of strategy in renewables
What's included
This report contains:
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