Petróleo Brasileiro S.A. - Petrobras (PBR): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Sumérgete en el mundo dinámico de Petrobras, el titán energético de Brasil que transforma los complejos desafíos de petróleo en soluciones innovadoras. Desde las profundidades de la región previa al sal hasta las iniciativas de energía renovable de vanguardia, Petrobras representa más que una compañía petrolera: es una potencia estratégica que impulsa el panorama energético de Brasil. Este lienzo de modelo de negocio revela cómo esta empresa controlada por el estado navega por los mercados globales, equilibra la experiencia tecnológica y ofrece soluciones de energía integradas que se extienden mucho más allá de la producción tradicional de petróleo.

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con compañías petroleras internacionales

Petrobras tiene asociaciones estratégicas con las siguientes compañías petroleras internacionales:

Empresa asociada	Tipo de colaboración	Valor de inversión
Caparazón	Asociaciones de exploración y producción	$ 2.4 mil millones (2023)
Energías totales	Empresas conjuntas de cuenca previa	$ 1.8 mil millones (2023)
BP	Proyectos de exploración en alta mar	$ 1.5 mil millones (2023)

Asociaciones con fabricantes de equipos

Petrobras colabora con fabricantes de equipos clave:

• Energías de Technip - Fabricación de equipos en alta mar
• Aker Solutions - Tecnología submarina
• SIMENS Energy - Sistemas de turbina y generadores
• Fabricantes nacionales brasileños

Empresas conjuntas en exploración y producción

Proyecto	Fogonadura	Monto de la inversión	Capacidad de producción
Campo de Libra pre-sal	Shell, Total, CNPC	$ 4.5 mil millones	180,000 barriles por día
Campo de búzios	Total, CNPC, Shell	$ 3.2 mil millones	150,000 barriles por día

Asociaciones de investigación e innovación tecnológica

Instituciones de colaboración tecnológica:

• Universidad Federal de Río de Janeiro
• Fundación de Investigación São Paulo (FAPESP)
• Centro de Investigación Brasileña de Petróleo (Cenpes)

Asociaciones gubernamentales y regulatorias

Entidad	Tipo de colaboración	Valor de compromiso anual
Agencia Nacional Brasileña de Petróleo (ANP)	Cumplimiento regulatorio	$ 50 millones
Ministerio de Minas y Energía	Planificación estratégica	$ 30 millones

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negocio: actividades clave

Exploración y producción de petróleo crudo y gas natural

Petrobras produce 2,8 millones de barriles de aceite equivalente por día en 2023. La exploración ocurre principalmente en cuencas previas en alta mar brasileña, con el 71% de la producción de aguas profundas y ultra profundas.

Métrica de producción	Volumen
Producción diaria total	2.8 millones de barriles
Porcentaje de producción en alta mar	71%
Producción previa	1.3 millones de barriles por día

Refinación y procesamiento de productos derivados del petróleo

Petrobras opera 13 refinerías con una capacidad de procesamiento total de 2.2 millones de barriles por día.

• Etiqueta de productos refinados: gasolina, diesel, combustible para aviones, lubricantes
• Ubicaciones de refinería: principalmente en las regiones del sureste y noreste de Brasil

Desarrollo de energía renovable y producción de biocombustibles

Invirtió $ 300 millones en proyectos de energía renovable en 2023, centrándose en la generación eólica y solar.

Métrica de energía renovable	Valor
Inversión en proyectos renovables	$ 300 millones
Capacidad de producción de biocombustibles	1.200 millones de litros anuales

Perforación en alta mar y extracción de aguas profundas

Opera 28 plataformas de perforación en alta mar en 2023, con una presencia significativa en las cuencas de Santos y Campos.

• Profundidad promedio de las operaciones del agua: 1,500-2,500 metros
• Número de plataformas de perforación activas: 28

Marketing y distribución de productos derivados del petróleo

Mantiene 7.400 puntos de distribución de combustible en Brasil, con una red que cubre el 99% del territorio nacional.

Métrica de red de distribución	Valor
Puntos de distribución total	7,400
Cobertura del territorio nacional	99%
Distribución anual de productos	1.600 millones de litros

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negocios: recursos clave

Extensos campos petroleros en alta mar en la región de pre-sal brasileño

Petrobras controla aproximadamente 8.84 mil millones de barriles de reservas de petróleo probadas a partir de 2023, con un 95% ubicado en Brasil. Las reservas de la región previa al sal cuentan con 6.5 mil millones de barriles de aceite equivalente.

Ubicación	Volumen de reserva	Porcentaje de total
Región previa a la sal	6.5 mil millones de barriles	73.5%
Región post-sal	2.34 mil millones de barriles	26.5%

Infraestructura tecnológica avanzada para exploración de aguas profundas

Petrobras opera 13 plataformas de producción en el clúster previo al sal, con una capacidad de producción total de 2.1 millones de barriles de petróleo por día.

• Capacidad de perforación de aguas profundas hasta 3.000 metros
• Tecnología avanzada de imágenes sísmicas
• Sistemas de monitoreo en tiempo real

Fuerza laboral altamente calificada en ingeniería de petróleo

Categoría de empleado	Número total
Total de empleados	47,236
Ingenieros	18,900
Titulares de doctorado	1,250

Capacidades significativas de capital financiero y inversión

Activos totales de Petrobras: $ 126.8 mil millones (Informe financiero de 2023)

Métrica financiera	Cantidad (USD)
Inversiones totales	$ 14.2 mil millones
Capex anual	$ 9.8 mil millones

Red de logística y transporte integral

• 28 refinerías operativas
• 8.500 kilómetros de infraestructura de tuberías
• Flota de 54 buques marítimos

Activo de transporte	Cantidad
Petroleros	24
Recipientes de soporte	30

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negocio: Propuestas de valor

Soluciones de energía integradas en múltiples sectores

Petrobras opera en múltiples sectores de energía con las siguientes métricas de producción clave:

Sector	Volumen de producción 2023
Producción de petróleo	2.77 millones de barriles por día
Producción de gas natural	137.1 millones de metros cúbicos por día
Producción de biocombustibles	3.1 mil millones de litros anuales

Suministro de productos petroleros confiables y eficientes

La cadena de suministro y las capacidades de distribución incluyen:

• 13 Refinerías en Brasil
• Capacidad total de refinación de 2.2 millones de barriles por día
• Más de 8,000 puntos de distribución de combustible en todo el país

Compromiso con transiciones de energía sostenible y baja en carbono

Inversiones y objetivos de sostenibilidad:

• $ 1.5 mil millones asignados para proyectos de energía renovable en 2024
• Objetivo de reducción del 30% en las emisiones de carbono para 2030
• Inversión en infraestructura de energía eólica y solar

Precios competitivos en mercados nacionales e internacionales

Métricas de estrategia de fijación de precios:

Mercado	Precio promedio por barril
Mercado interno	$ 65- $ 75 por barril
Mercado internacional	$ 70- $ 80 por barril

Experiencia tecnológica en extracción compleja de petróleo

Capacidades tecnológicas en la extracción de aguas profundas y pre-sal:

• Más de 30 plataformas de producción de aguas profundas
• $ 3.2 mil millones de inversiones anuales en tecnologías de exploración
• Experiencia líder mundial en extracción de agua ultra profunda

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negocios: Relaciones con los clientes

Contratos a largo plazo con clientes industriales y comerciales

Petrobras mantiene 247 contratos de suministro a largo plazo con clientes industriales y comerciales a partir de 2023, con una duración de contrato promedio de 7.3 años. El valor total del contrato en 2023 alcanzó los $ 18.6 mil millones.

Tipo de contrato	Número de contratos	Valor total del contrato
Clientes industriales	156	$ 12.4 mil millones
Clientes comerciales	91	$ 6.2 mil millones

Ventas directas a través de canales de productos de petróleo especializados

Petrobras opera 7.892 canales de ventas directas en Brasil, que incluyen:

• 2,345 estaciones de distribución de combustible
• 1.203 puntos de suministro industrial
• 4,344 puntos de venta de productos petroleros especializados

Servicios de atención al cliente y asistencia técnica

La infraestructura de atención al cliente incluye:

• Centro de soporte técnico 24/7 con 672 técnicos especializados
• Tiempo de respuesta promedio: 37 minutos
• Calificación de satisfacción del cliente: 87.6%

Plataformas digitales para la participación del cliente

Plataformas de participación digital de Petrobras en 2023:

Plataforma	Usuarios activos mensuales	Volumen de transacción
Aplicación móvil	2.3 millones	1.7 millones de transacciones
Portal web	1.8 millones	1,2 millones de transacciones

Comunicación transparente sobre soluciones energéticas

Petrobras invirtió $ 127 millones en estrategias de comunicación transparente durante 2023, incluyendo:

• Informes de inversores trimestrales
• Divulgación anual de sostenibilidad
• Actualizaciones del mercado en tiempo real

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negocios: canales

Equipos de ventas directos para clientes corporativos e industriales

Petrobras mantiene una fuerza de ventas directa dedicada dirigida a clientes corporativos e industriales en múltiples sectores. A partir de 2023, el equipo de ventas B2B de la compañía cubre aproximadamente 12 segmentos industriales clave en Brasil.

Sector	Volumen de ventas anual	Cuota de mercado
Fabricación	3.2 millones de barriles	42%
Transporte	2.7 millones de barriles	38%
Generación de energía	1,5 millones de barriles	29%

Plataformas digitales en línea y portales de comercio electrónico

Petrobras opera múltiples canales de ventas digitales con infraestructura integral en línea.

• Plataforma digital registrada 2.3 millones de clientes comerciales únicos en 2023
• El volumen de ventas en línea alcanzó el 18% del total de transacciones B2B
• Procesos de portal de comercio electrónico aproximadamente 45,000 transacciones mensuales

Extensa red de estaciones de combustible en todo el país

Petrobras mantiene una extensa red de distribución minorista en Brasil.

Tipo de canal	Estaciones totales	Cobertura del mercado
Estaciones de combustible de marca	7,285 estaciones	97% del territorio brasileño
Estaciones propiedad de la empresa	1,042 estaciones	15% de la red total

Canales de ventas B2B y B2G

Petrobras aprovecha los mecanismos de ventas sofisticados para los mercados comerciales y gubernamentales.

• Valor del contrato gubernamental en 2023: $ 3.4 mil millones
• Ingresos de ventas B2B: $ 12.6 mil millones anuales
• Duración promedio del contrato: 36 meses

Mecanismos internacionales de comercio y exportación

Petrobras utiliza canales comerciales internacionales complejos para la participación del mercado global.

Destino de exportación	Volumen de exportación anual	Ganancia
Porcelana	350,000 barriles/día	$ 1.8 mil millones
Estados Unidos	220,000 barriles/día	$ 1.2 mil millones
Europa	180,000 barriles/día	$ 980 millones

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negocio: segmentos de clientes

Empresas de fabricación industrial

Petrobras atiende a empresas de fabricación industrial con productos a base de petróleo y combustibles industriales.

Ventas totales de combustible industrial (2022)	1.13 millones de barriles por día
Ingresos de productos de petróleo industrial	$ 24.3 mil millones
Sectores industriales clave servidos	Petroquímicos, acero, cemento, automotriz

Sector de transporte y logística

Petrobras proporciona soluciones de combustible y logística para compañías de transporte.

• Volumen de ventas diesel (2022): 711,000 barriles por día
• Ventas de combustible de aviación: 158,000 barriles por día
• Ingresos de combustible de transporte: $ 18.7 mil millones

Organizaciones gubernamentales y del sector público

Valor de contratos gubernamentales (2022)	$ 6.5 mil millones
Reservas estratégicas de combustible suministradas	42 millones de barriles

Industrias automotrices y de transporte

Petrobras suministra combustible y lubricantes al sector automotriz.

• Volumen de ventas de gasolina: 395,000 barriles por día
• Cuota de mercado de lubricantes: 37%
• Ingresos del sector automotriz: $ 12.9 mil millones

Consumidores de energía residencial y comercial

Venta de combustible residencial	276,000 barriles por día
Ventas de gas de petróleo licuado	45,000 barriles por día
Ingresos de energía residencial	$ 8.6 mil millones

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negocio: Estructura de costos

Alto gasto de capital en exploración y producción

En 2023, Petrobras informó gastos de capital de USD 10.2 mil millones, centrados principalmente en actividades de exploración y producción. El segmento de exploración y producción de la compañía representaba la mayor parte de su cartera de inversiones.

Categoría de costos	Cantidad (USD miles de millones)	Porcentaje de CAPEX total
Exploración y producción	8.4	82.4%
Refinación y gas	1.3	12.7%
Corporativo y otro	0.5	4.9%

Inversiones de investigación y desarrollo

Petrobras invirtió USD 296 millones en investigación y desarrollo en 2023, centrándose en las mejoras tecnológicas de innovación y eficiencia.

• Las áreas tecnológicas de inversión incluyen:
• Tecnologías de extracción de aguas profundas
• Inteligencia artificial en la exploración de petróleo
• Soluciones de captura y almacenamiento de carbono

Costos operativos para plataformas de perforación en alta mar

Los costos operativos de la plataforma offshore para Petrobras en 2023 totalizaron aproximadamente USD 3.8 mil millones, con un gasto operativo diario promedio de USD 1.04 millones por plataforma.

Tipo de plataforma	Número de plataformas	Costo operativo anual (Millones de USD)
Unidades de producción flotantes	39	2,600
Plataformas fijas	22	1,200

Personal y gastos de infraestructura tecnológica

Los gastos de personal para Petrobras en 2023 ascendieron a USD 2.7 mil millones, con inversiones de infraestructura tecnológica que alcanzan los USD 412 millones.

• Compensación promedio de empleados: USD 84,000 por año
• Fuerza laboral total: 47,500 empleados
• Investencia de infraestructura de TI: 1.5% de los ingresos totales

Iniciativas de cumplimiento ambiental y sostenibilidad

Petrobras asignó USD 580 millones a programas de cumplimiento ambiental y sostenibilidad en 2023.

Iniciativa de sostenibilidad	Inversión (millones de dólares)
Reducción de emisiones de carbono	245
Proyectos de energía renovable	185
Remediación ambiental	150

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negocios: Freeds de ingresos

Ventas de petróleo crudo y gas natural

En 2022, Petrobras informó una producción total de petróleo y gas de 2.98 millones de barriles de petróleo equivalente por día. Los ingresos operativos netos de la exploración y la producción alcanzaron R $ 313.4 mil millones en 2022.

Métrica de producción	Valor 2022
Producción total de petróleo y gas	2.98 millones de barriles/día
Ingresos operativos netos (exploración & Producción)	R $ 313.4 mil millones

Marketing de productos de petróleo refinado

Petrobras procesó 2.2 millones de barriles por día de petróleo en sus refinerías durante 2022. Las ventas de productos refinadas generaron R $ 279.9 mil millones en ingresos operativos netos.

• Ventas diesel: cuota de mercado dominante de aproximadamente el 70% en Brasil
• Ventas de gasolina: aproximadamente el 50% de participación de mercado a nivel nacional

Producción de biocombustibles y energías renovables

Los ingresos por biocombustibles en 2022 totalizaron R $ 7.2 mil millones. Las inversiones de energía renovable alcanzaron R $ 1.5 mil millones.

Ingresos internacionales de comercio y exportación

En 2022, Petrobras exportó 404,000 barriles de petróleo por día. Los ingresos totales de ventas internacionales fueron de aproximadamente R $ 124.6 mil millones.

Métrica de exportación	Valor 2022
Exportaciones diarias de petróleo	404,000 barriles/día
Ingresos de ventas internacionales	R $ 124.6 mil millones

Servicios tecnológicos y consultoría

Los servicios tecnológicos y la consultoría generaron aproximadamente R $ 2.3 mil millones en ingresos durante 2022.

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 $\text{boe/d}$.