Petrobras' Increasing Spending Remains Focused on Production, but Holds Risk

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.