Insight
Strategy update: Petrobras' 2022-2026 strategic plan
Report summary
Petrobras’ financial performance following the price collapse has exceeded expectations. The company reduced its leverage, maintained a positive free cash flow, and bolstered its liquidity all in this tumultuous period. And that is likely why Petrobras is sticking to its financial playbook – working to keep an optimal capital structure while investing only in resilient low-breakeven (≤US$35/bbl Brent) and low-carbon projects.
Table of contents
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Cautious optimism shines through financial projections
- Capital expenditures
- Improved price and cash generation outlook
- Balancing act – government and investors
-
Capital allocation and portfolio management drivers remain intact
- Debt
- Dividends
- Asset sales
-
Long-term growth ambitions resurge
- Production
-
Greenfield projects and frontier basins dominate the strategy
- FPSO schedule
- Exploration
-
More emphasis but no transformation
- Sustainability commitments
- Defining the path forward
Tables and charts
This report includes 6 images and tables including:
- WM full net cash flow breakdown (ex-dividends)
- Five-year budget up by almost 25%
- Production: reported vs guidance vs WM outlook
What's included
This report contains:
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