Insight
Strategy update: Petrobras' 2020-2024 strategic plan
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
-
Production outlook
- Short-term targets disappoint
- Long-term output sees explosive growth
- Transfer of Rights – high risk, high reward
-
Capital discipline and portfolio management
- Relentless search for low costs
- Resilience takes centre stage
- Divestment plans expand
-
Financial framework
- Profitability goals get tweaked
- Dividends to get a raise as debt reduction has end in sight
-
New Energies
- Renewables remain on the sidelines
Tables and charts
This report includes 6 images and tables including:
- 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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