Petrleo Brasileiro S.A.(NYSE:PBR) 
Petrleo Brasileiro S.A. - Petrobras produce and sells oil and gas in Brazil and internationally. It engages in prospecting, drilling, refining, processing, trading, and transporting crude oil from producing onshore and offshore oil fields, and shale or other rocks, as well as oil products, natural g...
Website: http://www.petrobras.com.br
Founded: 1953
Full Time Employees: 57,983
Sector: Energy
Industry: Oil & Gas Integrated
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2021-12-31 | 2020-12-31 |
|---|
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2021-12-31 |
|---|---|---|
current assets | 91,889,000,000 | |
long-term receivables | ||
investments | ||
property, plant and equipment | ||
other non-current assets | ||
current liabilities | 79,000,000 | |
non-current liabilities | ||
shareholders' equity | 91,810,000,000 | |
sales revenues | ||
net income of the year | 7,096,000,000 | |
cash and cash equivalents generated (used) in the year | 1,094,000,000 | |
net income before income taxes | 28,225,000,000 | |
nominal income taxes computed based on brazilian statutory corporate tax rates | -9,597,000,000 | |
tax benefits from the deduction of interest on capital distribution | 843,000,000 | |
different jurisdictional tax rates for companies abroad | 296,000,000 | |
brazilian income taxes on income of companies incorporated outside brazil | -546,000,000 | |
tax incentives | 50,000,000 | |
tax loss carryforwards | 59,000,000 | |
non-taxable income | 234,000,000 | |
post-employment benefits | -802,000,000 | |
results of equity-accounted investments in brazil and abroad | 318,000,000 | |
non-incidence of income taxes on indexation charges (selic interest rate) over undue paid taxes | 903,000,000 | |
others | 3,000,000 | |
income taxes | -8,239,000,000 | |
deferred income taxes | -4,058,000,000 | |
current income taxes | -4,181,000,000 | |
effective tax rate of income taxes | ||
f-34 | ||
notes to the financial statementspetrobras | ||
balance at january 1 | 6,256,000,000 | |
recognized in the statement of income for the period | -4,058,000,000 | |
recognized in shareholders’ equity | -1,555,000,000 | |
cumulative translation adjustment | -124,000,000 | |
use of tax loss carryforwards | -1,172,000,000 | |
balance at december 31, | -625,000,000 | |
deferred tax assets | 604,000,000 | |
deferred tax liabilities | -1,229,000,000 | |
nature | ||
pp&e - exploration and decommissioning costs | ||
pp&e - impairment | ||
pp&e - others | ||
loans, trade and other receivables / payables and financing | ||
finance leases | ||
provision for legal proceedings | ||
inventories | ||
employee benefits | ||
total | 1,956,000,000 | |
(*) it includes accelerated depreciation, difference between units of production method and straight line method, as well as capitalized borrowing costs. | ||
f-35 | ||
2022 | 59,000,000 | |
2023 | 177,000,000 | |
2024 | 19,000,000 | |
2025 | 18,000,000 | |
2026 | 16,000,000 | |
2027 and thereafter | 315,000,000 | |
recognized deferred tax assets | 604,000,000 | |
brazil | 1,000,000 | |
abroad | 1,351,000,000 | |
unrecognized deferred tax assets | 1,352,000,000 | |
16.1.4. | ||
f-36 | ||
a) | ||
b) | ||
16.2. | ||
other taxes | ||
12.31.2021 | 12,310,000 | |
taxes in brazil | ||
current / non-current icms | 293,000,000 | |
current / non-current pis and cofins | 2,055,000,000 | |
claim to recover pis and cofins | 681,000,000 | |
cide | ||
production taxes | ||
withholding income taxes | ||
tax settlement program | ||
total in brazil | 3,148,000,000 | |
taxes abroad | 10,000,000 | |
(*) other non-current taxes are classified as other non-current liabilities. | ||
(**) it includes us 104 (us 1,230 as of december 31, 2020) related to exclusion of icms (vat tax) in the basis of calculation of sales taxes pis and cofins (contributions for the social security). | ||
f-37 | ||
recovery of taxes | ||
inflation indexation | ||
translation effects | ||
exclusion of icms from basis of calculation of pis/cofins | ||
pis and cofins | ||
tax effects | ||
net effects | ||
16.3. | ||
f-38 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-06-30 | 2025-03-31 | 2024-12-31 |
|---|---|---|---|
atapu 2 p-84 | |||
sépia 2 p-85 | |||
total investment with the 2025-29+ strategic plan assumptions and petrobras work interest (wi). chartered units leases are not included. production unit for revitalization project. refers only to new wells. the scope of the project also includes the relocation of some wells of the units being decommissioned. total investiment considering petrobras work interest (wi). it is included the fpso, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. the contractor will also provide fpso operation and maintenance services during the first year from the start of production. petrobras total investment and petrobras stake will be adjusted due to the approval of the production individualization agreement (aip) of the jubarte pre-salt by national agency of petroleum, natural gas, and biofuels (anp). the aip will become effective on august 01, 2025. | |||
adjusted cash and cash equivalents at the beginning of period | 8,457 | 8,071 | |
government bonds, bank deposit certificates and time deposits with maturities of more than 3 months at the beginning of period | -3,762 | -4,800 | |
cash and cash equivalents at the beginning of period | 4,695 | 3,271 | |
net cash from operating activities | 7,531 | 8,498 | 204,037,000,000 |
capital expenditures | 0 | 0 | 0 |
free cash flows | 7,531 | 8,498 | 204,037,000,000 |
net cash from investing activities | -2,561 | -1,767 | -72,363,000,000 |
acquisition of pp&e and intangible assets | -4,084 | -3,962 | -79,856,000,000 |
acquisition of equity interests | -127,000,000 | ||
proceeds from disposal of assets - divestment | 16 | 463 | |
financial compensation from co-participation agreements | 355 | 1,951,000,000 | |
divestment (investment) in marketable securities | 1,491 | 1,370 | 501,000,000 |
dividends received | 18 | 7 | 787,000,000 |
(=) net cash from operating and investing activities | 4,970 | 6,731 | |
net cash from financing activities | -2,729 | -5,432 | -179,974,000,000 |
changes in non-controlling interest | 118 | 39 | -509,000,000 |
net financings | 1,138 | -469 | |
proceeds from finance debt | 2,572 | 500 | 12,027,000,000 |
repayments | -1,434 | -969 | |
repayment of lease liability | -2,274 | -2,094 | -42,672,000,000 |
dividends paid to shareholders of petrobras | -1,706 | -2,882 | -100,305,000,000 |
share repurchase program | -1,919,000,000 | ||
dividends paid to non-controlling interests | -26 | -387,000,000 | |
effect of exchange rate changes on cash and cash equivalents | 60 | 125 | 6,941,000,000 |
cash and cash equivalents at the end of period | 6,996 | 4,695 | |
government bonds, bank deposit certificates and time deposits with maturities of more than 3 months at the end of period | 2,505 | 3,762 | |
adjusted cash and cash equivalents at the end of period | 9,501 | 8,457 | |
reconciliation of free cash flow | |||
free cash flow | 3,445 | 4,536 | |
(*) free cash flow (fcf) is in accordance with the new shareholder remuneration policy (“policy”) approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. | |||
mero 3 fpso marechal duque de caxias | 2,024 | ||
búzios 7 fpso almirante tamandaré | |||
búzios 6 p-78 | 2,025 | ||
mero 4 fpso alexandre de gusmão | 2,025 | ||
búzios 8 p-79 | |||
búzios 9 p-80 | |||
búzios 10 p-82 | 2,027 | ||
búzios 11 p-83 | 2,027 | ||
raia manta e raia pintada fpso raia | |||
total investment with the 2025-29+ strategic plan assumptions and petrobras work interest (wi). chartered units leases are not included. production unit for revitalization project. refers only to new wells. the scope of the project also includes the relocation of some wells of the units being decommissioned. total investiment considering petrobras work interest (wi). it is included the fpso, contracted on a lump sum turnkey modality, which includes engineering, procurement, construction and installation for the unit. the contractor will also provide fpso operation and maintenance services during the first year from the start of production. | |||
us million | 1 | ||
(*) includes government bonds, bank deposit certificates and time deposits of companies classified as held for sale. (**) free cash flow (fcf) is in accordance with the new shareholder remuneration policy (“policy”) approved on 07/28/2023 and corresponds to operating cash flow minus acquisitions of property, plant and equipment, intangible assets and equity interests. | |||
cash flows from operating activities | |||
net income for the year | 37,009,000,000 | ||
adjustments for: | |||
pension and medical benefits | 15,788,000,000 | ||
results of equity-accounted investments | 3,467,000,000 | ||
depreciation, depletion and amortization | 67,033,000,000 | ||
impairment of assets | 9,371,000,000 | ||
inventory write-down (write-back) to net realizable value | -214,000,000 | ||
allowance for credit loss on trade and other receivables | 1,536,000,000 | ||
exploratory expenditure write-offs | 2,654,000,000 | ||
gain on disposal/write-offs of assets | -1,171,000,000 | ||
foreign exchange, indexation and finance charges | 84,138,000,000 | ||
income taxes | 17,721,000,000 | ||
revision and unwinding of discount on the benefit from decommissioning costs | 21,107,000,000 | ||
results from co-participation agreements in bid areas | -1,482,000,000 | ||
early termination and cash outflows revision of lease agreements | -1,938,000,000 | ||
losses with legal, administrative and arbitration proceedings | 5,395,000,000 | ||
decrease (increase) in assets | |||
trade and other receivables | 9,207,000,000 | ||
inventories | -1,560,000,000 | ||
judicial deposits | 1,295,000,000 | ||
other assets | -1,020,000,000 | ||
increase in liabilities | |||
trade payables | 5,517,000,000 | ||
other taxes payable | -15,803,000,000 | ||
provisions for legal proceedings | -2,554,000,000 | ||
other employee benefits | -480,000,000 | ||
benefit from decommissioning costs | -5,275,000,000 | ||
other liabilities | -3,896,000,000 | ||
income taxes paid | -36,400,000,000 | ||
cash flows from investing activities | |||
proceeds from disposal of assets – divestment | 4,381,000,000 | ||
cash flows from financing activities | |||
financings and loans operations, net: | |||
repayment of principal - finance debt | -35,933,000,000 | ||
repayment of interest - finance debt | -10,276,000,000 | ||
net change in cash and cash equivalents | -41,359,000,000 | ||
cash and cash equivalents at the beginning of the period | 61,613,000,000 | ||
cash and cash equivalents at the end of the period | 20,254,000,000 | ||
in the parent company, it includes values referring to changes in investments in fidc-np receivables. | |||
the company classifies dividends/interest received and interest paid as cash flow from investing activities and cash flow from financing activities, respectively. | |||
the notes form an integral part of these financial statements. | |||
net income from discontinued operations | |||
allowance (reversals) for credit loss on trade and other receivables | |||
disposal/write-offs of assets, remeasurement of investment retained with loss of control and reclassification of cta | |||
deferred income taxes | |||
revision and unwinding of discount on the provision for decommissioning costs | |||
pis and cofins recovery - exclusion of icms (vat tax) from the basis of calculation | |||
assumption of interest in concessions | |||
escrow account - class action agreement | |||
increase (decrease) in liabilities | |||
short-term benefits | |||
provision for decommissioning costs | |||
agreement with us authorities | |||
net cash from operating activities from continuing operations | |||
net cash from operating activities - discontinued operations | |||
bidding for oil surplus of transfer of rights agreement | |||
investments in investees | |||
reimbursement on the transfer of rights agreement | |||
financial compensation for the búzios co-participation agreement | |||
net cash from investing activities from continuing operations | |||
net cash from investing activities - discontinued operations | |||
proceeds from financing | |||
net cash from financing activities from continuing operations | |||
net cash from financing activities - discontinued operations | |||
(*) in 2019, it does not include bidding for oil surplus of transfer of rights agreement | |||
acquisition of pp&e and intangibles assets | |||
investments by non-controlling interest | |||
net increase in cash and cash equivalents |