Petróleo Brasileiro S.A. - Petrobras (PBR): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde dynamique de Petrobras, l'énergie du Brésil qui transforme les défis complexes du pétrole en solutions innovantes. Des profondeurs de la région pré-sel aux initiatives de pointe des énergies renouvelables, Petrobras représente plus qu'une simple compagnie pétrolière - c'est une puissance stratégique qui stimule le paysage énergétique du Brésil. Cette toile de modèle commercial révèle comment cette entreprise contrôlée par l'État navigue sur les marchés mondiaux, équilibre l'expertise technologique et fournit des solutions énergétiques intégrées qui s'étendent bien au-delà de la production traditionnelle de pétrole.

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les compagnies pétrolières internationales

Petrobras a des partenariats stratégiques avec les compagnies pétrolières internationales suivantes:

Entreprise partenaire	Type de collaboration	Valeur d'investissement
Coquille	Partenariats d'exploration et de production	2,4 milliards de dollars (2023)
Énergies totales	Coentreprises du bassin pré-sel	1,8 milliard de dollars (2023)
Bp	Projets d'exploration offshore	1,5 milliard de dollars (2023)

Partenariats avec les fabricants d'équipements

Petrobras collabore avec les principaux fabricants d'équipements:

• Technip Energies - Fabrication d'équipement offshore
• Aker Solutions - Technologie sous-marine
• Siemens Energy - Turbine and Generator Systems
• Fabricants brésiliens nationaux

Coentreprises dans l'exploration et la production

Projet	Partenaires	Montant d'investissement	Capacité de production
Champ de la Balance pré-sel	Shell, total, CNPC	4,5 milliards de dollars	180 000 barils par jour
Champ de búzios	Total, CNPC, Shell	3,2 milliards de dollars	150 000 barils par jour

Partenariats de recherche et d'innovation technologique

Institutions de collaboration technologique:

• Université fédérale de Rio de Janeiro
• São Paulo Research Foundation (FAPESP)
• Centre de recherche sur le pétrole brésilien (CENPES)

Partenariats gouvernementaux et réglementaires

Entité	Type de collaboration	Valeur d'engagement annuelle
Agence nationale brésilienne du pétrole (ANP)	Conformité réglementaire	50 millions de dollars
Ministère des mines et de l'énergie	Planification stratégique	30 millions de dollars

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modèle d'entreprise: activités clés

Exploration et production de pétrole brut et de gaz naturel

Petrobras produit 2,8 millions de barils de pétrole équivalent par jour en 2023. L'exploration se produit principalement dans les bassins brésiliens pré-sel offshore, avec 71% de la production à partir d'eaux profondes et ultra-profondes.

Métrique de production	Volume
Production quotidienne totale	2,8 millions de barils
Pourcentage de production offshore	71%
Production de pré-sel	1,3 million de barils par jour

Affinage et traitement des produits pétroliers

Petrobras exploite 13 raffineries avec une capacité de traitement totale de 2,2 millions de barils par jour.

• Sortie du produit raffiné: essence, diesel, carburant à jet, lubrifiants
• Emplacements de la raffinerie: principalement dans les régions du sud-est et du nord-est du Brésil

Développement des énergies renouvelables et production de biocarburants

A investi 300 millions de dollars dans des projets d'énergie renouvelable en 2023, en se concentrant sur la génération éolienne et solaire.

Métrique d'énergie renouvelable	Valeur
Investissement dans des projets renouvelables	300 millions de dollars
Capacité de production de biocarburant	1,2 milliard de litres par an

Forage offshore et extraction en eau profonde

Exploite 28 plates-formes de forage offshore en 2023, avec une présence significative dans les bassins de Santos et Campos.

• Profondeur moyenne des opérations de l'eau: 1 500-2 500 mètres
• Nombre de plates-formes de forage actives: 28

Marketing et distribution de produits pétroliers

Maintient 7 400 points de distribution de carburant à travers le Brésil, avec un réseau couvrant 99% du territoire national.

Métrique du réseau de distribution	Valeur
Points de distribution totaux	7,400
Couverture du territoire national	99%
Distribution annuelle des produits	1,6 milliard de litres

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modèle d'entreprise: Ressources clés

Champs pétroliers étendus dans la région brésilienne pré-sel

Petrobras contrôle environ 8,84 milliards de barils de réserves de pétrole éprouvées en 2023, avec 95% situé au Brésil. Les réserves de la région pré-sel représentent 6,5 milliards de barils d'équivalent pétrolier.

Emplacement	Volume de réserve	Pourcentage du total
Région pré-sel	6,5 milliards de barils	73.5%
Région post-sel	2,34 milliards de barils	26.5%

Infrastructure technologique avancée pour l'exploration en eau profonde

Petrobras exploite 13 plates-formes de production dans le cluster pré-sel, avec une capacité de production totale de 2,1 millions de barils de pétrole par jour.

• Capacité de forage en eau profonde jusqu'à 3 000 mètres
• Technologie avancée d'imagerie sismique
• Systèmes de surveillance en temps réel

Travail hautement qualifié en génie pétrolier

Catégorie des employés	Nombre total
Total des employés	47,236
Ingénieurs	18,900
Titulaires de doctorat	1,250

Capacités de capital financier et d'investissement importantes importantes

Petrobras Total Actif: 126,8 milliards de dollars (rapport financier 2023)

Métrique financière	Montant (USD)
Investissements totaux	14,2 milliards de dollars
Capex annuel	9,8 milliards de dollars

Réseau complet de logistique et de transport

• 28 raffineries opérationnelles
• 8 500 kilomètres d'infrastructures de pipeline
• Flotte de 54 navires maritimes

Actif de transport	Quantité
Pétroliers	24
Navires de support	30

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modèle d'entreprise: propositions de valeur

Solutions énergétiques intégrées sur plusieurs secteurs

Petrobras fonctionne dans plusieurs secteurs de l'énergie avec les principales mesures de production suivantes:

Secteur	2023 Volume de production
Production de pétrole	2,77 millions de barils par jour
Production de gaz naturel	137,1 millions de mètres cubes par jour
Production de biocarburants	3,1 milliards de litres par an

Alimentation fiable et efficace des produits pétroliers

Les capacités de chaîne d'approvisionnement et de distribution comprennent:

• 13 raffineries à travers le Brésil
• Capacité de raffinage totale de 2,2 millions de barils par jour
• Plus de 8 000 points de distribution de carburant à l'échelle nationale

Engagement envers les transitions énergétiques durables et à faible teneur en carbone

Investissements et cibles en matière de durabilité:

• 1,5 milliard de dollars alloués aux projets d'énergie renouvelable en 2024
• Cible de 30% de réduction des émissions de carbone d'ici 2030
• Investissement dans les infrastructures d'énergie éolienne et solaire

Prix ​​compétitifs sur les marchés nationaux et internationaux

Métriques de la stratégie de tarification:

Marché	Prix ​​moyen par baril
Marché intérieur	65 $ - 75 $ le baril
Marché international	70 $ - 80 $ le baril

Expertise technologique dans l'extraction complexe du pétrole

Capacités technologiques dans l'extraction en eau profonde et pré-sel:

• Plus de 30 plateformes de production en eau profonde
• Investissement annuel de 3,2 milliards de dollars dans les technologies d'exploration
• Expertise de pointe dans l'extraction d'eau ultra-profonde

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients industriels et commerciaux

Petrobras maintient 247 contrats d'approvisionnement à long terme avec des clients industriels et commerciaux à partir de 2023, avec une durée de contrat moyenne de 7,3 ans. La valeur totale du contrat en 2023 a atteint 18,6 milliards de dollars.

Type de contrat	Nombre de contrats	Valeur totale du contrat
Clients industriels	156	12,4 milliards de dollars
Clients commerciaux	91	6,2 milliards de dollars

Ventes directes grâce à des canaux de produits pétroliers spécialisés

Petrobras exploite 7 892 canaux de vente directs à travers le Brésil, notamment:

• 2 345 stations de distribution de carburant
• 1 203 points d'offre industriels
• 4 344 points de vente de produits pétroliers spécialisés

Services de support client et d'assistance technique

L'infrastructure de support client comprend:

• Centre de soutien technique 24/7 avec 672 techniciens spécialisés
• Temps de réponse moyen: 37 minutes
• Évaluation de satisfaction du client: 87,6%

Plateformes numériques pour l'engagement des clients

Plateaux de fiançailles numériques de Petrobras en 2023:

Plate-forme	Utilisateurs actifs mensuels	Volume de transaction
Application mobile	2,3 millions	1,7 million de transactions
Portail Web	1,8 million	1,2 million de transactions

Communication transparente sur les solutions énergétiques

Petrobras a investi 127 millions de dollars dans des stratégies de communication transparentes en 2023, notamment:

• Rapports d'investisseurs trimestriels
• Divulgation annuelle de durabilité
• Mises à jour du marché en temps réel

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modèle d'entreprise: canaux

Équipes de vente directes pour les clients d'entreprise et industriels

Petrobras maintient une force de vente directe dédiée ciblant les entreprises et les clients industriels dans plusieurs secteurs. Depuis 2023, l'équipe de vente B2B de la société couvre environ 12 segments industriels clés au Brésil.

Secteur	Volume des ventes annuelles	Part de marché
Fabrication	3,2 millions de barils	42%
Transport	2,7 millions de barils	38%
Production d'énergie	1,5 million de barils	29%

Plateformes numériques en ligne et portails de commerce électronique

Petrobras exploite plusieurs canaux de vente numériques avec une infrastructure en ligne complète.

• Plateforme numérique a enregistré 2,3 millions de clients commerciaux uniques en 2023
• Le volume des ventes en ligne a atteint 18% du total des transactions B2B
• Processus de portail du commerce électronique Environ 45 000 transactions mensuelles

Un vaste réseau de stations de carburant à l'échelle nationale

Petrobras maintient un vaste réseau de distribution de détail à travers le Brésil.

Type de canal	Total stations	Couverture du marché
Stations de carburant de marque	7 285 stations	97% du territoire brésilien
Stations appartenant à l'entreprise	1 042 stations	15% du réseau total

Canaux de vente B2B et B2G

Petrobras exploite des mécanismes de vente sophistiqués pour les marchés commerciaux et gouvernementaux.

• Valeur du contrat du gouvernement en 2023: 3,4 milliards de dollars
• Revenus de vente B2B: 12,6 milliards de dollars par an
• Durée du contrat moyen: 36 mois

Mécanismes internationaux de négociation et d'exportation

Petrobras utilise des canaux commerciaux internationaux complexes pour l'engagement mondial du marché.

Destination d'exportation	Volume d'exportation annuel	Revenu
Chine	350 000 barils / jour	1,8 milliard de dollars
États-Unis	220 000 barils / jour	1,2 milliard de dollars
Europe	180 000 barils / jour	980 millions de dollars

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modèle d'entreprise: segments de clientèle

Entreprises de fabrication industrielle

Petrobras dessert des sociétés de fabrication industrielle avec des produits à base de pétrole et des carburants industriels.

Ventes totales de carburant industriel (2022)	1,13 million de barils par jour
Revenus de produits pétroliers industriels	24,3 milliards de dollars
Les secteurs industriels clés servis	Petrochimie, acier, ciment, automobile

Secteur du transport et de la logistique

Petrobras fournit des solutions de carburant et de logistique pour les sociétés de transport.

• Volume des ventes diesel (2022): 711 000 barils par jour
• Ventes de carburant d'aviation: 158 000 barils par jour
• Revenus de carburant de transport: 18,7 milliards de dollars

Organisations du gouvernement et du secteur public

Valeur des contrats du gouvernement (2022)	6,5 milliards de dollars
Réserves de carburant stratégiques fournies	42 millions de barils

Industries de l'automobile et des transports

Petrobras fournit du carburant et des lubrifiants au secteur automobile.

• Volume des ventes à l'essence: 395 000 barils par jour
• Part de marché du lubrifiant: 37%
• Revenus du secteur automobile: 12,9 milliards de dollars

Consommateurs d'énergie résidentielle et commerciale

Ventes de carburant résidentiel	276 000 barils par jour
Ventes de gaz de pétrole liquéfié	45 000 barils par jour
Revenus d'énergie résidentielle	8,6 milliards de dollars

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés dans l'exploration et la production

En 2023, Petrobras a déclaré des dépenses en capital de 10,2 milliards USD, principalement axées sur les activités d'exploration et de production. Le segment de l'exploration et de la production de la société représentait la plus grande partie de son portefeuille d'investissement.

Catégorie de coûts	Montant (milliards USD)	Pourcentage du CAPEX total
Exploration et production	8.4	82.4%
Raffinage et gaz	1.3	12.7%
Entreprise et autre	0.5	4.9%

Investissements de recherche et développement

Petrobras a investi 296 millions USD dans la recherche et le développement en 2023, en se concentrant sur l'innovation technologique et les améliorations de l'efficacité.

• Les domaines d'investissement technologiques comprennent:
• Technologies d'extraction en eau profonde
• Intelligence artificielle dans l'exploration pétrolière
• Solutions de capture et de stockage du carbone

Coûts opérationnels pour les plates-formes de forage offshore

Les coûts opérationnels de la plate-forme offshore pour Petrobras en 2023 ont totalisé environ 3,8 milliards USD, avec une dépense opérationnelle quotidienne moyenne de 1,04 million USD par plate-forme.

Type de plate-forme	Nombre de plateformes	Coût opérationnel annuel (millions USD)
Unités de production flottantes	39	2,600
Plates-formes fixes	22	1,200

Dépenses du personnel et des infrastructures technologiques

Les dépenses de personnel de Petrobras en 2023 s'élevaient à 2,7 milliards USD, les investissements technologiques à l'infrastructure atteignant 412 millions USD.

• Compensation moyenne des employés: 84 000 USD par an
• Total de main-d'œuvre: 47 500 employés
• Investissement d'infrastructure informatique: 1,5% du total des revenus

Initiatives de conformité environnementale et de durabilité

Petrobras a alloué 580 millions USD aux programmes de conformité et de durabilité environnementaux en 2023.

Initiative de durabilité	Investissement (millions USD)
Réduction des émissions de carbone	245
Projets d'énergie renouvelable	185
Rassasie environnementale	150

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut et de gaz naturel

En 2022, Petrobras a signalé une production totale de pétrole et de gaz de 2,98 millions de barils d'équivalent de pétrole par jour. Les revenus d'exploitation nets de l'exploration et de la production ont atteint 313,4 milliards de rands en 2022.

Métrique de production	Valeur 2022
Production totale de pétrole et de gaz	2,98 millions de barils / jour
Revenus d'exploitation nets (exploration & Production)	313,4 milliards de R

Marketing de produit de pétrole raffiné

Petrobras a traité 2,2 millions de barils par jour de pétrole dans ses raffineries en 2022. Les ventes de produits raffinées ont généré 279,9 milliards de rands de Renus d'exploitation nets.

• Ventes diesel: part de marché dominante d'environ 70% au Brésil
• Ventes à l'essence: environ 50% de parts de marché au niveau national

Production de biocarburants et d'énergie renouvelable

Les revenus des biocarburants en 2022 ont totalisé 7,2 milliards de R $. Les investissements en énergies renouvelables ont atteint 1,5 milliard de rands de R.

Revenus internationaux de négociation et d'exportation

En 2022, Petrobras a exporté 404 000 barils de pétrole par jour. Le chiffre d'affaires international total était d'environ 124,6 milliards de rands.

Métrique d'exportation	Valeur 2022
Exportations de pétrole quotidiennes	404 000 barils / jour
Revenus de ventes internationales	124,6 milliards de dollars

Services technologiques et consultation

Les services technologiques et le conseil ont généré environ 2,3 milliards de RS de revenus en 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 $\text{boe/d}$.