No change is good change. After quite an impressive 2020, Petrobras is looking to stay the course. The vision continues to call for a company that is leaner and more focused. Think of an upstream-heavy player with light but efficient operations in midstream and downstream. Expect the bulk of its business to remain confined to the southeastern region of Brazil, where the pre-salt and flagship refineries are located. Capital discipline and portfolio management continue to be the driving force behind the improved outlook. That means continuing to reduce the debt burden, cutting costs and sanctioning only the most resilient growth projects. Once the company reaches a sound operational and financial position, likely somewhere around 2023, shareholder remuneration should kick into high gear.