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Petroleo Brasileiro SA Petrobras ADR PBR Stock Quote

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Morningstar‘s Stock Analysis PBR

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Is it the right time to buy or sell?

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Petrobras Maintains Capital Discipline With Latest Strategic Plan, but Political Uncertainty Remains

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

Petrobras announced its 2023-27 strategic plan that included an increase in spending to prepandemic levels but largely held the line on the capital discipline that has been the centerpiece of its recent turnaround. However, the ultimate implementation of the plan for its full duration remains in question given the recent election of Luiz Inácio Lula da Silva, who has signaled he’d like to make changes to Petrobras' capital plans and operations—to what extent, however, remains unknown. Until that outcome is known, we will view any management plans skeptically despite thinking them sound. Meanwhile, investors might continue to steer clear of Petrobras despite its financial improvement and large payouts. Our fair value estimate and moat rating, which already incorporated higher spending and lower downstream profitability, remain unchanged.

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Key Statistics PBR

Company Profile PBR

Business Description

Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on exploration and production for oil and gas in Brazilian offshore fields. Production in 2021 was 2.8 million barrels of oil equivalent a day (83% oil production), and reserves stood at 9.9 billion boe (85% oil). At year-end 2021, Petrobras operated 12 refineries in Brazil with capacity of 1.9 million barrels a day and distributes refined products and natural gas throughout Brazil.

Avenida Republica do Chile, 65
Rio de Janeiro, RJ, 20031-912, Brazil
T +55 2132244477
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 38,703

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