Petroleo Brasileiro SA Petrobras ADR

PBR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Reducing Our Petrobras Fair Value Estimate on Higher Spending and Lower Oil Prices

Allen Good

Apr 1, 2025

Business Strategy and Outlook

Petrobras’ five-year spending plans continue to creep higher after a meaningful increase two years ago when it added low-carbon investments for the energy transition. The company has not returned to the profligate spending of a decade ago that first placed Petrobras in jeopardy. However, it is straying from the capital discipline and generous payouts that improved the balance sheet and attracted investors.

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Petroleo Brasileiro SA Petrobras ADR

Reducing Our Petrobras Fair Value Estimate on Higher Spending and Lower Oil Prices

Business Strategy and Outlook

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