Petróleo Brasileiro S.A. - Petrobras (PBR): Business Model Canvas

Tauchen Sie ein in die dynamische Welt von Petrobras, Brasiliens Energietitan, der komplexe Erdölherausforderungen in innovative Lösungen umwandelt. Von den Tiefen der Vorsalzregion bis hin zu hochmodernen Initiativen für erneuerbare Energien repräsentiert Petrobras mehr als nur ein Ölunternehmen – es ist ein strategisches Kraftpaket, das Brasiliens Energielandschaft vorantreibt. Dieses Geschäftsmodell-Canvas zeigt, wie dieses staatlich kontrollierte Unternehmen globale Märkte adressiert, technologisches Know-how ausbalanciert und integrierte Energielösungen liefert, die weit über die traditionelle Erdölproduktion hinausgehen.

Petróleo Brasileiro S.A. - Petrobras (PBR) - Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit internationalen Ölunternehmen

Petrobras unterhält strategische Partnerschaften mit folgenden internationalen Ölunternehmen:

Partnerunternehmen	Art der Zusammenarbeit	Investitionswert
Muschel	Explorations- und Produktionspartnerschaften	2,4 Milliarden US-Dollar (2023)
Gesamtenergien	Joint Ventures im Vorsalzbecken	1,8 Milliarden US-Dollar (2023)
BP	Offshore-Explorationsprojekte	1,5 Milliarden US-Dollar (2023)

Partnerschaften mit Geräteherstellern

Petrobras arbeitet mit wichtigen Geräteherstellern zusammen:

• Technip Energies – Herstellung von Offshore-Ausrüstung
• Aker Solutions – Unterwassertechnologie
• Siemens Energy – Turbinen- und Generatorsysteme
• Nationale brasilianische Hersteller

Joint Ventures in Exploration und Produktion

Projekt	Partner	Investitionsbetrag	Produktionskapazität
Vorgesalzenes Libra-Feld	Shell, Total, CNPC	4,5 Milliarden US-Dollar	180.000 Barrel pro Tag
Búzios-Feld	Gesamt, CNPC, Shell	3,2 Milliarden US-Dollar	150.000 Barrel pro Tag

Forschungs- und technologische Innovationspartnerschaften

Institutionen für technologische Zusammenarbeit:

• Bundesuniversität Rio de Janeiro
• São Paulo Forschungsstiftung (FAPESP)
• Brasilianisches Erdölforschungszentrum (CENPES)

Regierungs- und Regulierungspartnerschaften

Entität	Art der Zusammenarbeit	Jährlicher Engagementwert
Brasilianische Nationalagentur für Erdöl (ANP)	Einhaltung gesetzlicher Vorschriften	50 Millionen Dollar
Ministerium für Bergbau und Energie	Strategische Planung	30 Millionen Dollar

Petróleo Brasileiro S.A. - Petrobras (PBR) - Geschäftsmodell: Hauptaktivitäten

Exploration und Produktion von Rohöl und Erdgas

Petrobras produziert im Jahr 2023 2,8 Millionen Barrel Öläquivalent pro Tag. Die Exploration erfolgt hauptsächlich in brasilianischen Offshore-Vorsalzbecken, wobei 71 % der Produktion aus tiefen und ultratiefen Gewässern stammen.

Produktionsmetrik	Lautstärke
Gesamte Tagesproduktion	2,8 Millionen Barrel
Offshore-Produktionsprozentsatz	71%
Vorsalzproduktion	1,3 Millionen Barrel pro Tag

Raffinierung und Verarbeitung von Erdölprodukten

Petrobras betreibt 13 Raffinerien mit einer Gesamtverarbeitungskapazität von 2,2 Millionen Barrel pro Tag.

• Raffinierte Produktproduktion: Benzin, Diesel, Kerosin, Schmierstoffe
• Raffineriestandorte: Hauptsächlich in den südöstlichen und nordöstlichen Regionen Brasiliens

Entwicklung erneuerbarer Energien und Biokraftstoffproduktion

Investierte im Jahr 2023 300 Millionen US-Dollar in Projekte für erneuerbare Energien mit Schwerpunkt auf Wind- und Solarenergie.

Metrik für erneuerbare Energien	Wert
Investition in erneuerbare Projekte	300 Millionen Dollar
Produktionskapazität für Biokraftstoffe	1,2 Milliarden Liter jährlich

Offshore-Bohrungen und Tiefwasserförderung

Betreibt im Jahr 2023 28 Offshore-Bohrplattformen mit bedeutender Präsenz in den Becken von Santos und Campos.

• Durchschnittliche Wassertiefe des Betriebs: 1.500–2.500 Meter
• Anzahl aktiver Bohrinseln: 28

Vermarktung und Vertrieb von Erdölprodukten

Unterhält 7.400 Kraftstoffverteilungspunkte in ganz Brasilien, wobei das Netzwerk 99 % des Staatsgebiets abdeckt.

Vertriebsnetzwerkmetrik	Wert
Gesamtzahl der Verteilungspunkte	7,400
Abdeckung des nationalen Territoriums	99%
Jährliche Produktverteilung	1,6 Milliarden Liter

Petróleo Brasileiro S.A. - Petrobras (PBR) - Geschäftsmodell: Schlüsselressourcen

Umfangreiche Offshore-Ölfelder in der brasilianischen Vorsalzregion

Petrobras kontrolliert ab 2023 etwa 8,84 Milliarden Barrel nachgewiesener Ölreserven, wovon 95 % in Brasilien liegen. Die Reserven der Region vor der Salzgewinnung belaufen sich auf 6,5 Milliarden Barrel Öläquivalent.

Standort	Reservevolumen	Prozentsatz der Gesamtsumme
Vorsalzregion	6,5 Milliarden Barrel	73.5%
Post-Salz-Region	2,34 Milliarden Barrel	26.5%

Fortschrittliche technologische Infrastruktur für die Tiefseeforschung

Petrobras betreibt 13 Produktionsplattformen im Pre-Salt-Cluster mit einer Gesamtproduktionskapazität von 2,1 Millionen Barrel Öl pro Tag.

• Tiefseebohrfähigkeit bis zu 3.000 Metern
• Fortschrittliche seismische Bildgebungstechnologie
• Echtzeit-Überwachungssysteme

Hochqualifizierte Arbeitskräfte in der Erdöltechnik

Mitarbeiterkategorie	Gesamtzahl
Gesamtzahl der Mitarbeiter	47,236
Ingenieure	18,900
Doktoranden	1,250

Erhebliches Finanzkapital und Investitionsmöglichkeiten

Gesamtvermögen von Petrobras: 126,8 Milliarden US-Dollar (Finanzbericht 2023)

Finanzkennzahl	Betrag (USD)
Gesamtinvestitionen	14,2 Milliarden US-Dollar
Jährliche Investitionsausgaben	9,8 Milliarden US-Dollar

Umfassendes Logistik- und Transportnetzwerk

• 28 betriebsbereite Raffinerien
• 8.500 Kilometer Pipeline-Infrastruktur
• Flotte von 54 Seeschiffen

Transportmittel	Menge
Öltanker	24
Hilfsschiffe	30

Petróleo Brasileiro S.A. - Petrobras (PBR) - Geschäftsmodell: Wertversprechen

Integrierte Energielösungen für mehrere Sektoren

Petrobras ist in mehreren Energiesektoren mit den folgenden wichtigen Produktionskennzahlen tätig:

Sektor	Produktionsvolumen 2023
Ölförderung	2,77 Millionen Barrel pro Tag
Erdgasproduktion	137,1 Millionen Kubikmeter pro Tag
Produktion von Biokraftstoffen	3,1 Milliarden Liter jährlich

Zuverlässige und effiziente Versorgung mit Erdölprodukten

Zu den Lieferketten- und Vertriebsfunktionen gehören:

• 13 Raffinerien in ganz Brasilien
• Gesamtraffinierungskapazität von 2,2 Millionen Barrel pro Tag
• Über 8.000 Kraftstoffverteilerstellen im ganzen Land

Engagement für eine nachhaltige und kohlenstoffarme Energiewende

Nachhaltigkeitsinvestitionen und -ziele:

• Im Jahr 2024 werden 1,5 Milliarden US-Dollar für Projekte im Bereich erneuerbare Energien bereitgestellt
• Ziel einer Reduzierung der CO2-Emissionen um 30 % bis 2030
• Investitionen in Wind- und Solarenergie-Infrastruktur

Wettbewerbsfähige Preise auf nationalen und internationalen Märkten

Kennzahlen zur Preisstrategie:

Markt	Durchschnittspreis pro Barrel
Inlandsmarkt	65-75 $ pro Barrel
Internationaler Markt	70-80 $ pro Barrel

Technologische Expertise in der komplexen Erdölförderung

Technologische Fähigkeiten in der Tiefwasser- und Vorsalzgewinnung:

• Über 30 Tiefsee-Produktionsplattformen
• 3,2 Milliarden US-Dollar jährliche Investition in Explorationstechnologien
• Weltweit führende Expertise in der Ultratiefwassergewinnung

Petróleo Brasileiro S.A. - Petrobras (PBR) - Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industrie- und Gewerbekunden

Petrobras unterhält mit Stand 2023 247 langfristige Lieferverträge mit Industrie- und Gewerbekunden mit einer durchschnittlichen Vertragslaufzeit von 7,3 Jahren. Der Gesamtauftragswert erreichte im Jahr 2023 18,6 Milliarden US-Dollar.

Vertragstyp	Anzahl der Verträge	Gesamtvertragswert
Industriekunden	156	12,4 Milliarden US-Dollar
Gewerbliche Kunden	91	6,2 Milliarden US-Dollar

Direktvertrieb über spezialisierte Vertriebskanäle für Erdölprodukte

Petrobras betreibt 7.892 Direktvertriebskanäle in ganz Brasilien, darunter:

• 2.345 Kraftstoffverteilerstationen
• 1.203 industrielle Versorgungspunkte
• 4.344 spezialisierte Verkaufsstellen für Erdölprodukte

Kundensupport und technische Unterstützung

Die Kundensupport-Infrastruktur umfasst:

• Technisches Support-Center rund um die Uhr mit 672 spezialisierten Technikern
• Durchschnittliche Antwortzeit: 37 Minuten
• Kundenzufriedenheitsbewertung: 87,6 %

Digitale Plattformen für die Kundenbindung

Digitale Engagement-Plattformen von Petrobras im Jahr 2023:

Plattform	Monatlich aktive Benutzer	Transaktionsvolumen
Mobile App	2,3 Millionen	1,7 Millionen Transaktionen
Webportal	1,8 Millionen	1,2 Millionen Transaktionen

Transparente Kommunikation über Energielösungen

Petrobras investierte im Jahr 2023 127 Millionen US-Dollar in transparente Kommunikationsstrategien, darunter:

• Vierteljährliche Anlegerberichte
• Jährliche Offenlegung der Nachhaltigkeit
• Marktaktualisierungen in Echtzeit

Petróleo Brasileiro S.A. - Petrobras (PBR) - Geschäftsmodell: Kanäle

Direktvertriebsteams für Firmen- und Industriekunden

Petrobras unterhält ein engagiertes Direktvertriebsteam, das sich an Unternehmens- und Industriekunden aus verschiedenen Branchen richtet. Ab 2023 deckt das B2B-Vertriebsteam des Unternehmens etwa 12 wichtige Industriesegmente in Brasilien ab.

Sektor	Jährliches Verkaufsvolumen	Marktanteil
Herstellung	3,2 Millionen Barrel	42%
Transport	2,7 Millionen Barrel	38%
Energieerzeugung	1,5 Millionen Barrel	29%

Digitale Online-Plattformen und E-Commerce-Portale

Petrobras betreibt mehrere digitale Vertriebskanäle mit umfassender Online-Infrastruktur.

• Die digitale Plattform registrierte im Jahr 2023 2,3 Millionen einzigartige Geschäftskunden
• Das Online-Verkaufsvolumen erreichte 18 % der gesamten B2B-Transaktionen
• Das E-Commerce-Portal verarbeitet etwa 45.000 monatliche Transaktionen

Umfangreiches Tankstellennetz im ganzen Land

Petrobras unterhält ein umfangreiches Einzelhandelsvertriebsnetz in ganz Brasilien.

Kanaltyp	Totalstationen	Marktabdeckung
Markentankstellen	7.285 Stationen	97 % des brasilianischen Territoriums
Firmeneigene Stationen	1.042 Stationen	15 % des gesamten Netzwerks

B2B- und B2G-Vertriebskanäle

Petrobras nutzt ausgefeilte Vertriebsmechanismen für Geschäfts- und Regierungsmärkte.

• Wert des Regierungsauftrags im Jahr 2023: 3,4 Milliarden US-Dollar
• B2B-Umsatzerlöse: 12,6 Milliarden US-Dollar pro Jahr
• Durchschnittliche Vertragsdauer: 36 Monate

Internationale Handels- und Exportmechanismen

Petrobras nutzt komplexe internationale Handelskanäle für das globale Marktengagement.

Exportziel	Jährliches Exportvolumen	Einnahmen
China	350.000 Barrel/Tag	1,8 Milliarden US-Dollar
Vereinigte Staaten	220.000 Barrel/Tag	1,2 Milliarden US-Dollar
Europa	180.000 Barrel/Tag	980 Millionen Dollar

Petróleo Brasileiro S.A. – Petrobras (PBR) – Geschäftsmodell: Kundensegmente

Industrielle Fertigungsunternehmen

Petrobras beliefert industrielle Fertigungsunternehmen mit erdölbasierten Produkten und Industriekraftstoffen.

Gesamtabsatz von Industriebrennstoffen (2022)	1,13 Millionen Barrel pro Tag
Umsatz mit industriellen Erdölprodukten	24,3 Milliarden US-Dollar
Belieferte wichtige Industriesektoren	Petrochemie, Stahl, Zement, Automobil

Transport- und Logistiksektor

Petrobras bietet Kraftstoff- und Logistiklösungen für Transportunternehmen.

• Dieselabsatzvolumen (2022): 711.000 Barrel pro Tag
• Verkauf von Flugtreibstoff: 158.000 Barrel pro Tag
• Einnahmen aus Transportkraftstoffen: 18,7 Milliarden US-Dollar

Regierung und Organisationen des öffentlichen Sektors

Wert von Regierungsverträgen (2022)	6,5 Milliarden US-Dollar
Strategische Treibstoffreserven bereitgestellt	42 Millionen Barrel

Automobil- und Transportindustrie

Petrobras beliefert den Automobilsektor mit Kraftstoffen und Schmiermitteln.

• Benzinverkaufsvolumen: 395.000 Barrel pro Tag
• Schmierstoffmarktanteil: 37 %
• Umsatz im Automobilsektor: 12,9 Milliarden US-Dollar

Private und gewerbliche Energieverbraucher

Verkauf von Treibstoff für Privathaushalte	276.000 Barrel pro Tag
Verkauf von Flüssiggas	45.000 Barrel pro Tag
Energieeinnahmen für Privathaushalte	8,6 Milliarden US-Dollar

Petróleo Brasileiro S.A. - Petrobras (PBR) - Geschäftsmodell: Kostenstruktur

Hoher Kapitalaufwand in Exploration und Produktion

Im Jahr 2023 meldete Petrobras Investitionsausgaben in Höhe von 10,2 Milliarden US-Dollar, die sich hauptsächlich auf Explorations- und Produktionsaktivitäten konzentrierten. Das Explorations- und Produktionssegment des Unternehmens machte den größten Teil seines Investitionsportfolios aus.

Kostenkategorie	Betrag (Milliarden USD)	Prozentsatz der Gesamtinvestitionen
Exploration und Produktion	8.4	82.4%
Raffination und Gas	1.3	12.7%
Unternehmen und Sonstiges	0.5	4.9%

Forschungs- und Entwicklungsinvestitionen

Petrobras investierte im Jahr 2023 296 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf technologische Innovation und Effizienzverbesserungen.

• Zu den Technologieinvestitionsbereichen gehören:
• Tiefsee-Fördertechnologien
• Künstliche Intelligenz in der Ölexploration
• Lösungen zur Kohlenstoffabscheidung und -speicherung

Betriebskosten für Offshore-Bohrplattformen

Die Betriebskosten der Offshore-Plattform für Petrobras beliefen sich im Jahr 2023 auf rund 3,8 Milliarden US-Dollar, bei einem durchschnittlichen täglichen Betriebsaufwand von 1,04 Millionen US-Dollar pro Plattform.

Plattformtyp	Anzahl der Plattformen	Jährliche Betriebskosten (in Mio. USD)
Schwimmende Produktionseinheiten	39	2,600
Feste Plattformen	22	1,200

Aufwendungen für Personal und technische Infrastruktur

Der Personalaufwand für Petrobras belief sich im Jahr 2023 auf 2,7 Milliarden US-Dollar, wobei die Investitionen in die technologische Infrastruktur 412 Millionen US-Dollar erreichten.

• Durchschnittliche Mitarbeitervergütung: 84.000 USD pro Jahr
• Gesamtbelegschaft: 47.500 Mitarbeiter
• Investitionen in die IT-Infrastruktur: 1,5 % des Gesamtumsatzes

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Petrobras hat im Jahr 2023 580 Millionen US-Dollar für Umwelt-Compliance- und Nachhaltigkeitsprogramme bereitgestellt.

Nachhaltigkeitsinitiative	Investition (in Mio. USD)
Reduzierung der Kohlenstoffemissionen	245
Projekte für erneuerbare Energien	185
Umweltsanierung	150

Petróleo Brasileiro S.A. - Petrobras (PBR) - Geschäftsmodell: Einnahmequellen

Verkauf von Rohöl und Erdgas

Im Jahr 2022 meldete Petrobras eine Öl- und Gasproduktion von insgesamt 2,98 Millionen Barrel Öläquivalent pro Tag. Der Nettobetriebsumsatz aus Exploration und Produktion erreichte im Jahr 2022 313,4 Milliarden R$.

Produktionsmetrik	Wert 2022
Gesamte Öl- und Gasproduktion	2,98 Millionen Barrel/Tag
Nettobetriebsertrag (Exploration & Produktion)	313,4 Milliarden R$

Marketing für raffinierte Erdölprodukte

Petrobras verarbeitete im Jahr 2022 in seinen Raffinerien 2,2 Millionen Barrel Öl pro Tag. Der Verkauf raffinierter Produkte generierte einen Nettobetriebsumsatz von 279,9 Milliarden R$.

• Dieselabsatz: Dominierender Marktanteil von ca. 70 % in Brasilien
• Benzinabsatz: Ungefähr 50 % Marktanteil im Inland

Produktion von Biokraftstoffen und erneuerbaren Energien

Der Umsatz mit Biokraftstoffen belief sich im Jahr 2022 auf insgesamt 7,2 Milliarden R$. Die Investitionen in erneuerbare Energien beliefen sich auf 1,5 Milliarden R$.

Internationale Handels- und Exporteinnahmen

Im Jahr 2022 exportierte Petrobras 404.000 Barrel Öl pro Tag. Der gesamte internationale Umsatz betrug rund 124,6 Milliarden R$.

Metrik exportieren	Wert 2022
Tägliche Ölexporte	404.000 Barrel/Tag
Internationaler Umsatz	124,6 Milliarden R$

Technologische Dienstleistungen und Beratung

Technologische Dienstleistungen und Beratung erwirtschafteten im Jahr 2022 einen Umsatz von rund 2,3 Milliarden R$.

Petróleo Brasileiro S.A. - Petrobras (PBR) - Canvas Business Model: Value Propositions

You're looking at the core promises Petróleo Brasileiro S.A. - Petrobras (PBR) is making to its customers and stakeholders, grounded in its latest strategic plans as of late 2025. These aren't just vague goals; they are backed by concrete capital allocation and production targets.

Low-cost, low-carbon footprint crude oil from pre-salt fields

The pre-salt assets are the engine of Petróleo Brasileiro S.A. - Petrobras (PBR)'s current production and cost advantage. The company is consolidating a major investment phase here, allocating around 60% of its Exploration and Production (E&P) CAPEX for the 2025-2029 period to these offshore fields. This focus is on maintaining a competitive edge through superior oil quality, lower costs, and reduced emissions.

Here's a snapshot of the pre-salt value proposition:

• Approximately 80 percent of Petróleo Brasileiro S.A. - Petrobras (PBR)'s total production comes from pre-salt fields.
• Oil extracted from the pre-salt has $\text{CO}_2$ emissions that are 70 percent lower than the global average.
• Upstream projects in this area on average break even at a $45/bbl oil price.

Reliable, integrated supply of fuel and natural gas in Brazil

Petróleo Brasileiro S.A. - Petrobras (PBR) is positioning itself as the guarantor of Brazil's energy security, with production targets aimed at meeting national demand while funding its transition. The company targets a total net production of 3.2 million barrels of oil equivalent per day (boe/d) by 2029, which includes 2.5 million barrels of oil per day (bpd). The overall Business Plan 2025-2029 forecasts total investments of $111 billion.

The commitment to maintaining market share is clear:

Metric	2025-2029 E&P CAPEX Allocation	2029 Production Target (Total Net)	Long-Term Supply Goal (by 2050)
Amount	$77.3 billion	3.2 million boe/d	Maintain 31% share of Brazil's primary energy supply

This integrated approach also involves maintaining and strengthening refining capabilities to ensure the flow of essential fuels across the country.

High-quality refined products like S10 Diesel

The value proposition includes delivering cleaner, high-specification fuels to the market. The S10 Diesel, characterized by its ultra-low sulfur content, is key for modern engines and compliance with emission standards. Petróleo Brasileiro S.A. - Petrobras (PBR)'s refineries are hitting performance milestones to support this supply.

For example, the Alberto Pasqualini Refinery (Refap) set a new monthly record in November 2025 by producing 274.8 million liters of S-10 diesel. Separately, the Henrique Lage Refinery (Revap) achieved historic production in the first half of 2025, with an operational availability of 97.29% and a S10 diesel volume capable of supplying approximately 3 million buses. Revap processes about 35 million liters of oil per day in total.

Commitment to energy transition with $16.3 billion low-carbon CAPEX (2025-2029)

Petróleo Brasileiro S.A. - Petrobras (PBR) is earmarking significant capital for its future, balancing core business with lower-emission initiatives. The company has allocated $16.3 billion toward low-carbon initiatives within the 2025-2029 Business Plan. This represents 15% of the total planned CAPEX for the five-year period, a 42% increase over the previous plan's allocation for these areas.

The focus within this budget is shifting:

• Dedicated to bioproducts (ethanol, biodiesel, biogas): $2.2 billion for ethanol, $1.5 billion for biorefining, and $600 million each for biodiesel and biogas.
• Investments in hydrogen and carbon capture, utilization, and storage (CCUS) rose to $1.4 billion.

High shareholder returns via regular dividends (at least $45 billion for 2026-2030)

A crucial value proposition for investors is the commitment to robust shareholder returns, even with a revised capital plan. For the 2026-2030 horizon, Petróleo Brasileiro S.A. - Petrobras (PBR) announced a regular dividend payout of at least $45 billion. The forecast for ordinary dividends over this five-year period ranges between $45 billion and $50 billion, based on the Total Portfolio view.

The total planned CAPEX for the 2026-2030 period is $109 billion, and the company's breakeven Brent price assumption for maintaining net debt stability and fulfilling obligations, including dividends, is around $59 per barrel in 2026. The company has kept its debt ceiling at $75 billion.

Petróleo Brasileiro S.A. - Petrobras (PBR) - Canvas Business Model: Customer Relationships

Petrobras maintains relationships across a spectrum of customers, from massive industrial consumers to individual motorists, with a strong emphasis on securing long-term, high-volume agreements for its core oil and gas output.

Dedicated account management for large B2B industrial clients

For major industrial users, the relationship centers on supply security, backed by Petrobras's dominant production base. In 2024, pre-salt fields accounted for 81% of the company's total output, solidifying its position as a reliable supplier. Petrobras held more than 60% of the national oil and gas production in 2024. The company has also been testing direct sales to large industrial clients, such as those in agribusiness and mining, through a pilot program launched in 2024, which suggested savings of up to 10% for participating customers.

• B2B clients prioritize reliability of supply and competitive pricing.
• Operational excellence and safety are crucial for retention.
• Strategic plan 2026-2030 allocates approximately $78 billion for Exploration & Production, or 71.6% of the total $109 billion capex, to secure future supply for these clients.

Long-term supply contracts with major distributors and power firms

Securing long-term contracts is a primary driver for acquiring large-scale B2B customers. For natural gas supply to Local Distribution Companies (LDCs), Petrobras has firm contracts in place for just over 20 million cubic meters per day (MMcmd) in 2025. The pricing structure for these contracts in 2025 involved tiered quotas, with volumes above 60% of the daily contracted quantity priced at 11% of Brent or 10% of Brent. This pricing policy for 2025 was estimated to save distributors around $132 million compared to the original price. Furthermore, Petrobras entered into its first long-term LNG supply agreement, a 15-year contract with Centrica for 0.8 million tons per annum (MTPA), starting in 2027.

The nature of these long-term commitments is also seen in procurement, such as the agreement with Vallourec for oil country tubular goods (OCTG) supply from 2026 to 2029, potentially worth up to $1 billion.

Contract Type	Volume/Value Metric	Term/Period	Pricing Reference
Natural Gas (LDCs)	Just over 20 MMcmd	Effective through 2025 for some tiers	Varies, including 11% of Brent
LNG Supply (Centrica)	0.8 MTPA	15 years (starting 2027)	Long-term agreement
OCTG Supply (Vallourec)	Up to $1 billion	2026 to 2029	Long-term agreement

Automated self-service for B2C retail fuel station customers

Petrobras's direct engagement with the B2C segment via its service station network faced scrutiny in mid-2025, leading to discussions about a potential re-entry into retail sales after privatizing the network. The company has been using a direct-sales pilot program since 2024 to bypass middlemen for large industrial clients, but this highlights the friction in the B2C chain. A significant price disparity was noted: Petrobras released a 13-kilogram gas cylinder for 37 reais, which was reportedly reaching the end consumer for 140 reais.

Government relations for fuel price and supply stability

Government relations are critical, as Petrobras balances the federal government's goal of economic growth against investor demands for dividends. The company's pricing policy is heavily influenced by political considerations, resulting in a duality where gasoline prices were systematically above international parity since June 2025, while diesel remained below it.

• Gasoline premium over international reference (as of a Friday in late 2025): Approximately R$0.28 per liter.
• Diesel discount below import parity (as of a Friday in late 2025): Approximately R$0.16 per liter.
• The initial shift to a 'Brazilianized' price formula in 2023 led to an immediate drop in gasoline by 17.5% and diesel by 27.2%.

The CEO has publicly called for mandatory price transparency mechanisms to manage distributor margins, which is a key point of negotiation with the distribution segment.

Petróleo Brasileiro S.A. - Petrobras (PBR) - Canvas Business Model: Channels

You're looking at how Petróleo Brasileiro S.A. - Petrobras moves its product from the wellhead to the end-user as of late 2025. It's a massive operation that relies on both direct high-volume deals and an extensive retail footprint across Brazil.

Direct sales to large industrial and commercial B2B customers

Direct sales channels handle significant volumes, especially for crude oil exports and large-scale domestic fuel supply to industrial users. The scale of the export operation is clear from the third quarter of 2025 results. Petróleo Brasileiro S.A. - Petrobras reported record crude oil exports reaching 814,000 barrels per day (bpd) in 3Q25. To put that in perspective, the total exports including derivatives hit 1.04 million bpd during that same period. China was the primary destination, taking 53% of the company's shipments in 3Q25. Domestically, the distribution to large commercial clients is captured within the total oil product sales volume.

Here's a snapshot of the scale of production supporting these channels in 3Q25:

Metric	3Q25 Value	Context
Oil Production (in Brazil)	2.52 million bpd	Up about 18% year-over-year
Total Oil, Gas, and NGL Production	3.14 million barrels of oil equivalent per day (MMboe/d)	An almost 17% jump year-over-year
Crude Oil Exports	814,000 bpd	Record for the quarter
Total Exports (including derivatives)	1.04 million bpd	Represents significant direct international channel volume

Extensive network of retail fuel stations across Brazil (B2C)

For the everyday consumer, Petróleo Brasileiro S.A. - Petrobras relies on its branded retail network. This channel moves refined products like gasoline and diesel directly to the public. In 3Q25, the total domestic sales volume for oil products was 1,804 Mbpd. Diesel is a major component of this; its sales grew by 12.2% during the quarter, with the cleaner S10 diesel making up 67.8% of that total volume. It's important to note that gasoline sales saw a slight dip, down 0.5% compared to 2Q25, partly due to the increase in anhydrous ethanol content to 30% starting August 1st, 2025. I don't have the exact count of stations, but the volume moved shows the breadth of this B2C reach.

Global crude oil export terminals and shipping fleet

The export channel is heavily supported by Petróleo Brasileiro S.A. - Petrobras's offshore production and its logistics assets, including its shipping fleet and terminal access. The record 3Q25 exports of 814,000 bpd of crude oil highlight the efficiency of this channel. The company is also aggressively expanding its production capacity, with plans to bring 10 new production units online by 2029, all in the pre-salt layer. The FPSO Almirante Tamandaré, which reached peak production of 225,000 bpd, is a prime example of the assets feeding this export stream. The company's strategy focuses on these world-class, low-cost assets.

Domestic pipeline and natural gas distribution network

Moving natural gas and future biofuels relies on a complex network of pipelines and terminals. The domestic transmission pipeline network had a total length of 9,409 km as of 2021, though Petróleo Brasileiro S.A. - Petrobras is actively expanding this. For instance, the company is building a new biofuel pipeline that will be 2,030 km long, backed by an investment exceeding R$2 billion, scheduled to start operations between 2025 and 2030. This is part of a larger logistics plan earmarking US$3.6 billion through 2029 for pipeline expansion.

The natural gas infrastructure is critical for domestic supply, complementing production with imports via pipelines and LNG terminals. The Rota 3 Gas Pipeline, a major artery, is 355 km long and transports about 21 million cubic meters of gas per day, with full operation expected in 2025.

Here's what the major LNG regasification terminals, which connect to the domestic network, can handle:

• Bahia Terminal: 20 million m³/day capacity.
• Pecém Terminal: 7 million m³/day capacity.
• Guanabara Bay Terminal: 30 million m³/day capacity post-expansion.
• Porto do Açu Terminal: 21 million m³/day capacity.
• Barra dos Coqueiros Terminal: 21 million m³/day capacity.

The Rota 3 project alone increased the country's gas flow capacity by 40%. That's a defintely significant channel enhancement.

Petróleo Brasileiro S.A. - Petrobras (PBR) - Canvas Business Model: Customer Segments

Global crude oil trading houses and international refiners

Metric	Value (Jan-Mar/2025)	Value (3Q25)
Foreign Market Sales Revenues (Millions USD)	5,481	N/A
Oil Exports (Mbpd)	N/A	814

Large B2B industrial consumers and power generation firms

In the first quarter of 2025, sales to two clients within the Refining, Transportation and Marketing (RT&M) segment represented individually 15% and 10% of the Company's sales revenues.

Domestic fuel distributors and petrochemical companies

The domestic market sales revenues for the first three months of 2025 totaled 15,592 million USD. Total domestic sales volume in the third quarter of 2025 reached 1,804 Mbpd.

B2C individual vehicle owners and small businesses

• Diesel sales volume in 3Q25 grew by 12.2% compared to 2Q25.
• S10 diesel accounted for 67.8% of the total sales volume in the third quarter of 2025.

Emerging market for low-carbon fuels and bioproducts

Petróleo Brasileiro S.A. - Petrobras plans to invest $16.3 billion USD in low-carbon initiatives over the next five years, starting in 2025. In February 2025, the company executed its first sale of VLSFO (Very Low Sulfur Fuel Oil) containing 24% renewable content in the Asian market.

Sales Revenue Breakdown (Jan-Mar/2025)

Market Segment	Sales Revenues (Millions USD)
Domestic Market	15,592
Foreign Market	5,481
Total Sales Revenues	21,073

Petróleo Brasileiro S.A. - Petrobras (PBR) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Petróleo Brasileiro S.A. - Petrobras's operational and investment profile as of late 2025. The cost structure is heavily weighted toward massive, long-term capital deployment, especially in deepwater assets.

High Capital Expenditure (CAPEX) for E&P, especially pre-salt

The investment plans show a significant commitment to Exploration and Production (E&P). The most recently detailed plan, covering 2026-2030, outlines a total capital expenditure of $109 billion. $78 billion, or 71.6% of this total, is earmarked for E&P activities. $71.6 billion of the 2026-2030 plan is for projects under implementation, with the rest under evaluation.

The pre-salt region remains the primary focus for this capital deployment. For the 2026-2030 period, approximately 62% of the E&P spending, equating to about $42.6 billion, is designated for these deep-water assets.

For context, the preceding 2025-2029 plan had a total CAPEX of $111 billion, with $77.3 billion for E&P, where roughly 60% was directed to pre-salt, representing about $46 billion in absolute terms.

The company plans to implement eight new offshore production units by 2030, with seven being Floating Production, Storage, and Offloading (FPSO) platforms, mostly in the pre-salt.

Here is a breakdown of the CAPEX allocation based on the latest five-year plan (2026-2030):

Segment	Allocated Investment (USD)	Notes
Total Capital Expenditure (2026-2030)	$109 billion	Total five-year investment plan.
Exploration and Production (E&P)	$78 billion	71.6% of total CAPEX.
E&P - Pre-salt Assets	Approx. $42.6 billion	62% of the E&P budget.
E&P - Exploration Activities	$7.1 billion	For replenishing reserves.
Refining, Transportation, Marketing, Petrochemicals, Fertilizers (RTM)	Approx. $20 billion	Over the next five years.
Gas and Low-Carbon Projects	$4 billion	Driven by biofuels, biomethane, and ethanol.

Operational costs (OPEX) including lifting cost, averaging US$ 36.5/boe (2025-2029)

Petróleo Brasileiro S.A. - Petrobras forecasts an average Total Cost of Produced Oil across the 2025-2029 period. This figure, which encompasses lifting cost, government participation, depreciation, and depletion, is estimated at US$ 36.5/boe (barrel of oil equivalent).

The company's operational focus aims for a competitive edge through lower costs, with a portfolio viable in long-term low oil price scenarios, targeting a prospective equilibrium Brent average of $28 per barrel.

The carbon intensity target for the E&P segment is up to 15 kgCO2e per barrel of oil equivalent over the five-year period.

Government participation and royalties on oil production

Government take from Petróleo Brasileiro S.A. - Petrobras is a substantial component of the cost base, though structured as payments to the state. In 2024, the company transferred R$270.3 billion (about $54 billion) to federal, state, and municipal governments through taxes, royalties, and special participation fees.

The 2024 breakdown of these specific payments included:

• Royalties: R$38.1 billion (approximately $9.96 billion).
• Special Participation fees: R$23.6 billion (approximately $2.33 billion).

New legislation enacted in late 2024 allows the Brazilian Executive Branch to reduce the royalty rate on concession contracts from the 'Round Zero' by up to 5% as an investment incentive.

Refining and logistics maintenance and operating costs

Investments covering the Refining, Transportation, Marketing, Petrochemicals, and Fertilizers segment (RTM) for the 2026-2030 plan are set at about $20 billion over the five years.

For the 2025 calendar year, the Refining, Transportation and Commercialization (RTC) segment was allocated $2.2 billion of the total planned 2025 CAPEX.

Specific projects contributing to these costs include:

• The expansion of the Abreu e Lima Refinery, which involves a R$12 billion investment to double its processing capacity by 2029.
• Investments in logistics include a plan to build 16 new cabotage ships and 18 barges, with an additional 40 support vessels being chartered.
• Resumption of fertilizer plant activities, including UFN-III, with total investments of approximately $900 million planned between 2025 and 2029.

Research and development for new energy technologies

Petróleo Brasileiro S.A. - Petrobras is allocating capital towards its energy transition, which includes R&D. The total investment across all low-carbon initiatives (Scopes 1, 2, and 3) for the 2025-2029 plan reached $16.3 billion, representing 15% of the total CAPEX for that period.

Under the more recent 2026-2030 plan, the spending earmarked specifically for natural gas and low-carbon energy projects is $4 billion.

Within this focus, spending on dedicated Research and Development (R&D) initiatives grew by 20% to $1.2 billion for the 2026-2030 period.

The company also includes a decarbonization fund within its energy transition CAPEX, with a budget of $1.3 billion for the 2025-2029 period to finance emission reduction solutions.

Petróleo Brasileiro S.A. - Petrobras (PBR) - Canvas Business Model: Revenue Streams

The revenue streams for Petróleo Brasileiro S.A. - Petrobras are fundamentally tied to its integrated operations across the entire hydrocarbon value chain, from the wellhead to the consumer pump and beyond. You see the direct impact of commodity prices and production volumes reflected in these top-line figures.

For the first quarter of 2025, Petróleo Brasileiro S.A. - Petrobras reported sales revenues of $21,073 million. This followed a challenging period, as the first half of 2025 saw total sales revenues reach $42.11 billion, a $\text{10.9\%}$ decrease compared to the first half of 2024. Looking at the latest available quarterly data for Q3 2025, the company recorded revenue of 127.91B BRL for the quarter ending September 30, 2025, which was a $\text{-1.29\%}$ decrease sequentially.

The primary revenue drivers are clearly segmented across the business units, as shown in the Q3 2025 revenue breakdown (before eliminations):

Business Segment	Revenue Amount	Percentage of Total (Before Eliminations)
Refining, Transportation & Marketing (RT&M)	$22.08B	94.06%
Exploration and Production (E&P)	$15.74B	67.03%
Gas and Low Carbon Energies (G&LCE)	$2.27B	9.67%
Corporate and other businesses	$87M	0.37%
Eliminations	$-16.7B	-71.13%

Sales of crude oil and natural gas constitute the core of the Exploration and Production segment revenue. In Q1 2025, Petróleo Brasileiro S.A. - Petrobras achieved an average production of 2.77 million barrels of oil equivalent per day ($\text{boe/d}$). The E&P segment generated $15.74B in revenue during Q3 2025. Furthermore, the Q2 2025 Exploration and Production segment specifically accounted for US$3.7 billion of the total amount, focusing heavily on pre-salt development.

Revenue from sales of refined products, including diesel, gasoline, and jet fuel, is captured primarily within the Refining, Transportation & Marketing segment. This stream is critical, and in Q1 2025, the company achieved a high yield where diesel, gasoline, and jet fuel accounted for 69% of the total volume of oil products produced. The $\text{RT&M}$ segment brought in $22.08B in Q3 2025. Sales of oil products in the domestic market specifically increased by 2.9% in Q1 2025 compared to Q1 2024, driven by diesel and gasoline.

Revenue from petrochemicals and fertilizers is a component of the overall sales mix, though specific standalone figures aren't explicitly detailed in the primary revenue stream reports found. However, the Gas and Low Carbon Energies segment, which generated $2.27B in Q3 2025, would incorporate related energy and gas sales.

Power generation and sales from thermal plants are integrated within the broader energy operations. The Gas and Low Carbon Energies ($\text{G&LCE}$) segment is the closest proxy for this revenue stream, contributing $2.27B in Q3 2025.

You can see the relative contribution of the main operational segments here:

• Sales of crude oil and natural gas are represented by the Exploration and Production (E&P) segment revenue of $15.74B in Q3 2025.
• Sales of refined products are represented by the Refining, Transportation & Marketing (RT&M) segment revenue of $22.08B in Q3 2025.
• The $\text{Q1 2025}$ sales revenue figure was $21,073 million.
• The company's production volume in Q1 2025 reached 2.77 million $\text{boe/d}$.