Petróleo Brasileiro S.A. - Petrobras (PBR): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine driving one of the world's biggest energy players, Petróleo Brasileiro S.A. - Petrobras, especially as they navigate the next few years. Honestly, it's a fascinating pivot: they are simultaneously pouring capital into their massive pre-salt reserves-managing a $18.5 billion CAPEX budget for 2025 alone-while dedicating $16.3 billion of their 2025-2029 spend to low-carbon projects. This Business Model Canvas cuts through the noise, showing exactly how Petróleo Brasileiro S.A. - Petrobras balances its core business, which saw $21,073 million in Q1 2025 sales, with its future energy bets. See below how their key resources, like proprietary deepwater tech, fuel their dual strategy.

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

You're looking at the essential alliances Petrobras relies on to execute its ambitious 2025-2029 Business Plan, which forecasts total investments of US$ 111 billion. These partnerships are crucial for risk sharing, technology transfer, and navigating the energy transition.

Global oil majors for deepwater E&P joint ventures

Petrobras continues to solidify its position in deepwater exploration and production (E&P) through international joint ventures, which is where the bulk of the capital is going. The E&P segment has been allocated $77 billion of the five-year budget for yet-to-be-developed offshore projects.

Key international activities include:

• Appraisal of the deepwater Sirius discovery offshore in Colombia, in a consortium with Ecopetrol, which confirmed volumes exceeding 6 trillion cubic feet of gas from the Sirius-2 well.
• Signaling renewed interest in Nigeria's offshore frontier acreage.
• Expecting 10 Petrobras-operated floating production, storage, and offloading (FPSO) vessels to come online over the next five years, collectively adding over 1.9 billion barrels per day (bpd) of oil production capacity.

Technology firms for digital transformation and AI optimization

The drive for efficiency and decarbonization is heavily reliant on technology partners. Petrobras earmarked $3.6 billion for Research, Development, and Innovation (RD&I) in the new plan.

A significant partnership involves SLB, which was selected to deploy its Delfi digital platform across Petrobras's exploration, development, and production operations, including shifting subsurface activities to the cloud. This leverages AI and machine learning, which reportedly cut fault interpretation time in petrophysical modeling workflows by 60%.

The company's cloud strategy involves core partners:

For context, the prior investment plan (2023-2027) earmarked $2.1 billion for digital transformation.

Strategic minority partnerships in bioproducts (ethanol, biodiesel)

Petrobras is making a calculated return to the ethanol market, focusing on minority strategic partnerships or shared control rather than building all facilities from scratch. This is part of a diversification push within the low-carbon segment.

The investment figures for this segment are concrete:

• Total planned investment in ethanol distilleries from 2025 to 2029 is $2.2 billion.
• The goal is to produce 2 billion liters of ethanol annually using sugarcane and corn.
• Discussions for these partnerships are underway with major producers like Raízen, BP, and Inpasa.
• The broader Energy Transition CAPEX includes a $1.3 billion Decarbonization Fund for selected solutions.

The government also has a stated ambition for Petrobras to double production at the Abreu e Lima refinery to 260 barrels per day, investing $8.3 billion and boosting S10 biodiesel production.

Equipment suppliers for new FPSO vessel construction

The company's aggressive upstream plan requires substantial support from the supply chain for its fleet expansion. Petrobras intends to start operating ten new FPSO units by 2029, all in the pre-salt layer.

For subsea infrastructure, which is critical for connecting these FPSOs, Petrobras expects to sign nine additional subsea EPCI contracts between 2026 and 2030, potentially representing around $10 billion in business, as recent contracts exceeded the $1 billion mark. Candidates for the Sépia 2 EPCI contract include Allseas, Saipem, Subsea 7, and TechnipFMC, with previous contracts in fields like Mero, Búzios, and Atapu ranging between US$500 million and US$1.5 billion.

Regarding support vessels, Petrobras signed contracts in late 2024 for 12 Platform Supply Vessels (PSVs) totaling R$16.5 billion (approximately $2.68 billion), with R$5.2 billion (around $850 million) dedicated to shipbuilding investments within Brazil. The FPSO Almirante Tamandaré, set for the Búzios field, has a 225,000-bpd processing capacity.

Brazilian government and regulatory bodies for licensing

As a state-controlled entity, Petrobras's operations are intrinsically linked to Brazilian federal agencies. Petrobras accounted for more than 60% of national oil and gas production in 2024.

Key regulatory interactions involve:

• The Brazilian government is pressuring Petrobras to maintain its billion-dollar oil investments, despite debt warnings.
• The 2025-2029 Business Plan allocates $97 billion to E&P, Transportation, and Refining, representing 87% of the total plan investment.
• Environmental agency Ibama granted licenses allowing production increases in Mero and Buzios fields, expected to add 66,000 bpd to Brazil's total output, with 36,000 bpd attributable to Petrobras.
• Ibama also issued a license on October 20th for Petrobras to drill at Block-59 in the Amazon Basin, with operations expected to last for about five months.

The company's strategy is to maintain its competitive edge through low-cost production, which is supported by these governmental alignments. Finance: draft 13-week cash view by Friday.

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

The core of Petróleo Brasileiro S.A. - Petrobras (PBR) operations centers on maximizing returns from its world-class pre-salt assets while strategically pivoting toward lower-carbon energy sources.

Ultra-deepwater Exploration and Production (E&P) in pre-salt

The pre-salt layer remains the engine of Petróleo Brasileiro S.A. - Petrobras (PBR) production. Total operated production in the pre-salt reached 3.88 million barrels of oil equivalent per day (boed) in the third quarter of 2025, a new high compared to 3.62 million boed in the prior quarter. Petróleo Brasileiro S.A. - Petrobras (PBR)'s own production from the pre-salt was 2.56 million boed in 3Q25. By October 2025, Petróleo Brasileiro S.A. (PBR)'s total production was reported at 3,269 million boed, marking a year-over-year increase of 26.4%. The pre-salt segment holds an absolute predominance in the total result. The E&P segment was allocated $77.3 billion under the 2025-2029 plan, with approximately 60% of that directed specifically to pre-salt assets. The company plans for ten new production systems (FPSOs) to come online by 2029, with nine already contracted.

Key E&P operational metrics as of late 2025 include:

• Total operated production in the pre-salt in 3Q25: 3.88 million boed.
• Total own production in the pre-salt in 3Q25: 2.56 million boed.
• Petróleo Brasileiro S.A. (PBR)'s October 2025 production: 3,269 million boed.
• The Búzios field surpassed 900 Mbpd of operated oil production on October 7th, 2025.
• The P-78 floater, with a capacity of 180,000 barrels of oil per day, arrived at the Búzios Field in September 2025.

Refining and processing crude oil into high-value products

Petróleo Brasileiro S.A. (PBR) is focused on increasing the capacity and quality of its refined products, though it has stated it will not build new refineries. The Refining, Transportation, Marketing, Petrochemicals and Fertilizers (RTM) segment received a total investment of $19.6 billion in the 2025-2029 plan. The goal is to increase total distillation capacity from 1,813,000 barrels per day (bpd) to 2,105,000 bpd. In the third quarter of 2025, oil products production reached 1,790 Mbpd, with a total utilization factor of 94%. Products with higher added value, such as diesel, jet fuel, and gasoline, made up 69% of the total volume in 3Q25. The share of pre-salt crude in refinery throughput remained high in the quarter at 69%. Investments target increasing S10 Diesel production capacity by 290,000 bpd in the refining system.

Global logistics and transportation of crude and derivatives

Strengthening transportation capabilities is a key activity, with allocated midstream and downstream investments revised upward to $16 billion for the five-year period under the 2025-2029 plan. Refining and related business lines, including logistics, are noted to account for about $20 billion of spending over the next five years in a separate plan context. This activity supports the export of crude and derivatives, which is a significant part of the business, as seen by the focus on maximizing profitability through high-value product yields.

Developing low-carbon energy projects and bioproducts

Energy transition investments, which cover low-carbon initiatives, saw a significant budget increase of 42%, totaling $16.3 billion allocated over the five-year horizon (2025-2029). Petróleo Brasileiro S.A. (PBR) is focusing on biofuels, biomethane, and a return to ethanol production, looking for strategic minority partnerships in these areas. The company plans spending of $4 billion on gas and low-carbon projects over the next five years in a different plan context.

Specific allocations for bioproducts within the 2025-2029 plan include:

• Ethanol chain: $2.2 billion allocated.
• Biorefining: $1.5 billion allocated.
• Biodiesel: $600 million allocated.
• Biomethane/Biogas: $600 million allocated.

Managing a massive $18.5 billion CAPEX budget for 2025

The management of capital expenditure is a critical activity, balancing near-term operational needs with long-term strategic goals. Petróleo Brasileiro S.A. (PBR) plans investments of $18.5 billion in 2025, with a potential variation of plus or minus 10%. The company has been accelerating investments, with cumulative capex reaching $14 billion by the end of the first nine months of 2025. The overall 2025-2029 Strategic Plan sets total capital expenditure at $111 billion. You'll want to note that $91 billion of the total 2026-2030 plan is for projects already under implementation, with another $10 billion needing final budget confirmation.

Here's a quick look at the 2025-2029 CAPEX breakdown by segment:

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

You're looking at the core assets that make Petróleo Brasileiro S.A. - Petrobras a dominant energy player, especially as they push hard into the next five years. These aren't just line items; they are the physical and intellectual foundations of their entire strategy.

Massive Pre-Salt Oil and Gas Reserves

The sheer scale of Petróleo Brasileiro S.A. - Petrobras's resource base is perhaps its single most important key resource. This is anchored by the prolific pre-salt layer offshore Brazil. As of December 31, 2024, the company reported proven oil, condensate, and natural gas reserves totaling 11.4 billion barrels of oil equivalent (boe). This reserve base is critical for funding the energy transition, as the company continues to prioritize low-cost, low-carbon oil production from these assets.

The composition of these reserves shows a clear focus on liquid hydrocarbons:

• Oil and Condensate: 85 percent of total proven reserves.
• Natural Gas: 15 percent of total proven reserves.

The pre-salt province itself is the engine room, with production hitting a record 4 million boe/d in July 2025, driven by fields like Búzios, Mero, and Tupi. The company has earmarked about 60 percent of its upstream capital expenditure for these offshore pre-salt assets in the 2025-2029 plan.

Deepwater Technology and Proprietary Subsea Expertise

Operating in the pre-salt requires world-class, proprietary deepwater and ultra-deepwater capabilities, which Petróleo Brasileiro S.A. - Petrobras has developed over decades. This expertise is not easily replicated. For example, in the Buzios field, the company achieved 1 million barrels per day output in October 2025, three months ahead of schedule, showcasing operational mastery. This performance is supported by sophisticated subsea infrastructure, including Floating Production Storage and Offloading (FPSO) vessels, where the Almirante Tamandare vessel exceeded its expected peak output of 270,000 bpd in early November 2025.

A key element of this expertise is in managing the associated gas, which often contains high levels of carbon dioxide (CO2). Petróleo Brasileiro S.A. - Petrobras operates one of the world's largest offshore carbon storage programs, having injected approximately 67.9 million tons of CO2 into deep-sea pre-salt reservoirs between 2008 and 2024, with a record 14.2 million tons in 2024 alone. This technology, separating CO2 on ultra-deepwater FPSOs and reinjecting it, boosts recovery and lowers emissions per barrel.

The company actively enhances this resource through partnerships, such as a technical cooperation program aiming to cut deepwater well construction costs by up to 30 percent by revamping the downhole drilling system.

Extensive Refining Park and Logistics Infrastructure in Brazil

Petróleo Brasileiro S.A. - Petrobras maintains a commanding presence in the downstream sector through its integrated logistics and refining assets across Brazil. You should note the current operational scale:

The logistics network is being reinforced, with the 2025-2029 Business Plan allocating $19.6 billion in total investments to the Refining, Transportation, Marketing, Petrochemicals and Fertilizers segment, a 17 percent increase over the previous plan. The RNEST expansion alone involves an investment of approximately R$12 billion to add 130,000 bpd of capacity by 2029, significantly reducing the need for diesel imports.

$111 Billion Total Planned Investment (2025-2029)

The commitment to future operations and diversification is quantified in the approved Business Plan 2025-2029. The total forecast investment for this five-year period is $111 billion. This represents a 9 percent increase over the prior plan. This capital is strategically divided to support both core business maintenance and the energy transition push.

Here is the breakdown of the planned capital expenditure:

• Projects Under Implementation: $98 billion.
• Projects Under Evaluation: $13 billion.
• Exploration and Production (E&P) Segment Allocation: $77.3 billion.
• Energy Transition Investments (Low Carbon/Decarbonization): $16.3 billion (a 42 percent increase over the previous plan).

Highly Skilled Technical and Engineering Workforce

The complex, high-tech nature of deepwater and pre-salt operations demands a specialized workforce. Petróleo Brasileiro S.A. - Petrobras is actively rebuilding and expanding its staff to meet the demands of the new investment cycle. The company announced plans to hire 1,780 new employees in 2025. This hiring push is intended to reinforce the staff needed for operational expansion. Furthermore, major projects directly create significant employment; for instance, the RNEST Train 2 expansion is expected to generate around 15,000 direct and indirect jobs throughout its execution. The company also maintains a robust internal development structure, with Petrobras University having 1,338 students enrolled in postgraduate courses as of late 2024/early 2025.

Finance: draft 13-week cash view by Friday.

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:

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.

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:

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

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)

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):

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):

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 $\text{boe/d}$.