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Strategy update: Petrobras' 2023-2027 strategic plan
Report summary
Petrobras unveiled its latest five-year strategy covering ambitions for growth in E&P, updates to capital allocation and expanded sustainability commitments. But there’s a big asterisk in this latest plan. Luiz Inácio Lula da Silva is returning to Brazil’s presidency, and the company is all but certain to be impacted by the left-wing administration. Still, not everything is in flux. Investment levels in upstream and downstream – especially for 2023 – are based on operational considerations and remain safe. With debt at an optimal level, capital allocation has been simplified into two choices – organic investment or shareholder returns. Finally, ESG efforts were strengthened on several fronts.
Table of contents
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Getting back to work: project delivery above all else
- Capital expenditures
- Price and cash generation outlook
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To invest or to disburse: quasi-binary capital allocation
- Debt
- Dividends
- Asset sales
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Reality check: long-term growth ambitions calibrated
- Production
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Revitalizing: greenfield projects and frontier basins
- FPSO schedule
- Exploration
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ESG roadmap: acceleration on all fronts
- Investments
- Commitments
- New profit centres
Tables and charts
This report includes 6 images and tables including:
- Five-year corpoarte budget up 14%
- Production: reported vs guidance vs WM outlook
What's included
This report contains:
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