Petróleo Brasileiro S.A. - Petrobras (PBR): Canvas de modelo de negócios [Jan -2025 Atualizado]

Mergulhe no mundo dinâmico dos Petrobras, o Titã Energético do Brasil que transforma desafios de petróleo complexos em soluções inovadoras. Desde as profundezas da região pré-sal até iniciativas de energia renovável de ponta, a Petrobras representa mais do que apenas uma empresa de petróleo-é uma potência estratégica que impulsiona o cenário energético do Brasil. Esta tela de modelo de negócios revela como essa empresa controlada pelo estado navega nos mercados globais, equilibra a experiência tecnológica e fornece soluções de energia integradas que se estendem muito além da produção tradicional de petróleo.

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com empresas internacionais de petróleo

A Petrobras tem parcerias estratégicas com as seguintes empresas internacionais de petróleo:

Empresa parceira	Tipo de colaboração	Valor de investimento
Concha	Parcerias de exploração e produção	US $ 2,4 bilhões (2023)
Energias totais	Joint ventures pré-sal	US $ 1,8 bilhão (2023)
Bp	Projetos de exploração offshore	US $ 1,5 bilhão (2023)

Parcerias com fabricantes de equipamentos

A Petrobras colabora com os principais fabricantes de equipamentos:

• Energias de tecnologia - fabricação de equipamentos offshore
• Aker Solutions - tecnologia submarina
• Siemens Energy - Sistemas de Turbina e Gerador
• Fabricantes nacionais brasileiros

Joint ventures em exploração e produção

Projeto	Parceiros	Valor do investimento	Capacidade de produção
Campo de libra pré-sal	Shell, Total, CNPC	US $ 4,5 bilhões	180.000 barris por dia
Campo de búzios	Total, CNPC, Shell	US $ 3,2 bilhões	150.000 barris por dia

Parcerias de pesquisa e inovação tecnológica

Instituições de colaboração tecnológica:

• Universidade Federal do Rio de Janeiro
• São Paulo Research Foundation (FAPESP)
• Centro de Pesquisa em Petróleo Brasileiro (Cenpes)

Parcerias governamentais e regulatórias

Entidade	Tipo de colaboração	Valor anual de engajamento
Agência Nacional Brasileira de Petróleo (ANP)	Conformidade regulatória	US $ 50 milhões
Ministério das Minas e Energia	Planejamento estratégico	US $ 30 milhões

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negócios: Atividades -chave

Petróleo bruto e exploração e produção de gás natural

A Petrobras produz 2,8 milhões de barris de petróleo equivalente por dia em 2023. A exploração ocorre principalmente em bacias pré-sal do mar brasileiro, com 71% da produção de águas profundas e ultra-profundas.

Métrica de produção	Volume
Produção diária total	2,8 milhões de barris
Porcentagem de produção offshore	71%
Produção pré-sal	1,3 milhão de barris por dia

Refino e processamento de produtos petrolíferos

A Petrobras opera 13 refinarias com capacidade total de processamento de 2,2 milhões de barris por dia.

• Produto refinado: gasolina, diesel, combustível de aviação, lubrificantes
• Locais de refinaria: principalmente nas regiões sudeste e nordeste do Brasil

Desenvolvimento de energia renovável e produção de biocombustíveis

Investiu US $ 300 milhões em projetos de energia renovável em 2023, com foco na geração eólica e solar.

Métrica de energia renovável	Valor
Investimento em projetos renováveis	US $ 300 milhões
Capacidade de produção de biocombustíveis	1,2 bilhão de litros anualmente

Perfuração offshore e extração de águas profundas

Opera 28 plataformas de perfuração offshore em 2023, com presença significativa nas bacias de Santos e Campos.

• Integridade da água média de operações: 1.500-2.500 metros
• Número de plataformas de perfuração ativa: 28

Marketing e distribuição de produtos petrolíferos

Mantém 7.400 pontos de distribuição de combustível em todo o Brasil, com a rede cobrindo 99% do território nacional.

Métrica de rede de distribuição	Valor
Pontos de distribuição totais	7,400
Cobertura do território nacional	99%
Distribuição anual do produto	1,6 bilhão de litros

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negócios: Recursos -chave

Extensos campos de petróleo offshore na região brasileira de pré-sal

A Petrobras controla aproximadamente 8,84 bilhões de barris de reservas de petróleo comprovadas a partir de 2023, com 95% localizados no Brasil. As reservas da região pré-sal representam 6,5 bilhões de barris de petróleo equivalentes.

Localização	Volume de reserva	Porcentagem de total
Região pré-sal	6,5 bilhões de barris	73.5%
Região pós-sal	2,34 bilhões de barris	26.5%

Infraestrutura tecnológica avançada para exploração de águas profundas

A Petrobras opera 13 plataformas de produção no cluster pré-sal, com uma capacidade total de produção de 2,1 milhões de barris de petróleo por dia.

• Capacidade de perfuração de águas profundas até 3.000 metros
• Tecnologia avançada de imagem sísmica
• Sistemas de monitoramento em tempo real

Força de trabalho altamente qualificada em engenharia de petróleo

Categoria de funcionários	Número total
Total de funcionários	47,236
Engenheiros	18,900
Titulares de doutorado	1,250

Capital financeiro significativo e capacidades de investimento

Total de ativos da Petrobras: US $ 126,8 bilhões (relatório financeiro de 2023)

Métrica financeira	Quantidade (USD)
Total de investimentos	US $ 14,2 bilhões
Capex anual	US $ 9,8 bilhões

Rede abrangente de logística e transporte

• 28 refinarias operacionais
• 8.500 quilômetros de infraestrutura de pipeline
• Frota de 54 navios marítimos

Ativo de transporte	Quantidade
Tanques de petróleo	24
Embarcações de suporte	30

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negócios: proposições de valor

Soluções de energia integradas em vários setores

A Petrobras opera em vários setores de energia com as seguintes métricas de produção -chave:

Setor	2023 Volume de produção
Produção de petróleo	2,77 milhões de barris por dia
Produção de gás natural	137,1 milhões de metros cúbicos por dia
Produção de biocombustíveis	3,1 bilhões de litros anualmente

Fornecimento de produtos petrolíferos confiáveis ​​e eficientes

A cadeia de suprimentos e os recursos de distribuição incluem:

• 13 refinarias em todo o Brasil
• Capacidade total de refino de 2,2 milhões de barris por dia
• Mais de 8.000 pontos de distribuição de combustível em todo o país

Compromisso com transições de energia sustentável e de baixo carbono

Investimentos e metas de sustentabilidade:

• US $ 1,5 bilhão alocado para projetos de energia renovável em 2024
• Alvo de redução de 30% nas emissões de carbono até 2030
• Investimento em infraestrutura de energia eólica e solar

Preços competitivos em mercados nacionais e internacionais

Métricas de Estratégia de Preços:

Mercado	Preço médio por barril
Mercado doméstico	US $ 65 a US $ 75 por barril
Mercado internacional	$ 70- $ 80 por barril

Experiência tecnológica em extração complexa de petróleo

Capacidades tecnológicas na extração de águas profundas e pré-sal:

• Mais de 30 plataformas de produção de águas profundas
• US $ 3,2 bilhões de investimento anual em tecnologias de exploração
• Experiência líder mundial em extração de água ultra-profunda

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negócios: Relacionamentos ao cliente

Contratos de longo prazo com clientes industriais e comerciais

A Petrobras mantém 247 contratos de fornecimento de longo prazo com clientes industriais e comerciais a partir de 2023, com uma duração média do contrato de 7,3 anos. O valor total do contrato em 2023 atingiu US $ 18,6 bilhões.

Tipo de contrato	Número de contratos	Valor total do contrato
Clientes industriais	156	US $ 12,4 bilhões
Clientes comerciais	91	US $ 6,2 bilhões

Vendas diretas através de canais especializados de produtos de petróleo

A Petrobras opera 7.892 canais de vendas diretas em todo o Brasil, incluindo:

• 2.345 estações de distribuição de combustível
• 1.203 pontos de suprimento industrial
• 4.344 saídas de produtos de petróleo especializados

Suporte ao cliente e serviços de assistência técnica

A infraestrutura de suporte ao cliente inclui:

• Centro de suporte técnico 24/7 com 672 técnicos especializados
• Tempo médio de resposta: 37 minutos
• Classificação de satisfação do cliente: 87,6%

Plataformas digitais para envolvimento do cliente

Plataformas de engajamento digital da Petrobras em 2023:

Plataforma	Usuários ativos mensais	Volume de transação
Aplicativo móvel	2,3 milhões	1,7 milhão de transações
Portal da Web	1,8 milhão	1,2 milhão de transações

Comunicação transparente sobre soluções de energia

A Petrobras investiu US $ 127 milhões em estratégias de comunicação transparentes durante 2023, incluindo:

• Relatórios trimestrais de investidores
• Divulgação anual de sustentabilidade
• Atualizações de mercado em tempo real

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negócios: canais

Equipes de vendas diretas para clientes corporativos e industriais

A Petrobras mantém uma força de vendas direta dedicada direcionada a clientes corporativos e industriais em vários setores. Em 2023, a equipe de vendas B2B da empresa cobre aproximadamente 12 segmentos industriais importantes no Brasil.

Setor	Volume anual de vendas	Quota de mercado
Fabricação	3,2 milhões de barris	42%
Transporte	2,7 milhões de barris	38%
Geração de energia	1,5 milhão de barris	29%

Plataformas digitais on-line e portais de comércio eletrônico

A Petrobras opera vários canais de vendas digitais com infraestrutura on -line abrangente.

• Plataforma digital registrou 2,3 ​​milhões de clientes comerciais exclusivos em 2023
• O volume de vendas on -line atingiu 18% do total de transações B2B
• O portal de comércio eletrônico processa aproximadamente 45.000 transações mensais

Extensa rede de postos de combustível em todo o país

A Petrobras mantém uma extensa rede de distribuição de varejo em todo o Brasil.

Tipo de canal	Estações totais	Cobertura de mercado
Postos de combustível de marca	7.285 estações	97% do território brasileiro
Estações de propriedade da empresa	1.042 estações	15% da rede total

Canais de vendas B2B e B2G

A Petrobras utiliza mecanismos sofisticados de vendas para mercados de negócios e governamentais.

• Valor do contrato do governo em 2023: US $ 3,4 bilhões
• Receita de vendas B2B: US $ 12,6 bilhões anualmente
• Duração média do contrato: 36 meses

Mecanismos de negociação e exportação internacionais

A Petrobras utiliza canais comerciais internacionais complexos para o envolvimento do mercado global.

Destino de exportação	Volume anual de exportação	Receita
China	350.000 barris/dia	US $ 1,8 bilhão
Estados Unidos	220.000 barris/dia	US $ 1,2 bilhão
Europa	180.000 barris/dia	US $ 980 milhões

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

Empresas de manufatura industriais

A Petrobras atende empresas industriais de fabricação com produtos à base de petróleo e combustíveis industriais.

Vendas totais de combustível industrial (2022)	1,13 milhão de barris por dia
Receita de produto de petróleo industrial	US $ 24,3 bilhões
Principais setores industriais servidos	Petroquímicos, aço, cimento, automotivo

Setor de transporte e logística

A Petrobras fornece soluções de combustível e logística para empresas de transporte.

• Volume de vendas a diesel (2022): 711.000 barris por dia
• Vendas de combustível de aviação: 158.000 barris por dia
• Receita de combustível de transporte: US $ 18,7 bilhões

Organizações do governo e do setor público

Valor de contratos governamentais (2022)	US $ 6,5 bilhões
Reservas de combustível estratégico fornecidas	42 milhões de barris

Indústrias automotivas e de transporte

A Petrobras fornece combustível e lubrificantes ao setor automotivo.

• Vendas de gasolina Volume: 395.000 barris por dia
• Participação de mercado de lubrificante: 37%
• Receita do setor automotivo: US $ 12,9 bilhões

Consumidores de energia residencial e comercial

Vendas residenciais de combustível	276.000 barris por dia
Vendas de gás de petróleo liquefeito	45.000 barris por dia
Receita de energia residencial	US $ 8,6 bilhões

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negócios: Estrutura de custos

Altos gastos de capital em exploração e produção

Em 2023, a Petrobras relatou despesas de capital de US $ 10,2 bilhões, focados principalmente nas atividades de exploração e produção. O segmento de exploração e produção da empresa representou a maior parte de seu portfólio de investimentos.

Categoria de custo	Valor (bilhões de dólares)	Porcentagem de Capex total
Exploração e produção	8.4	82.4%
Refino e gás	1.3	12.7%
Corporativo e outro	0.5	4.9%

Investimentos de pesquisa e desenvolvimento

A Petrobras investiu US $ 296 milhões em pesquisa e desenvolvimento em 2023, com foco em melhorias tecnológicas de inovação e eficiência.

• As áreas tecnológicas de investimento incluem:
• Tecnologias de extração em águas profundas
• Inteligência artificial na exploração de petróleo
• Soluções de captura e armazenamento de carbono

Custos operacionais para plataformas de perfuração offshore

Os custos operacionais da plataforma offshore para a Petrobras em 2023 totalizaram aproximadamente US $ 3,8 bilhões, com uma despesa operacional média diária de US $ 1,04 milhão por plataforma.

Tipo de plataforma	Número de plataformas	Custo operacional anual (milhões de dólares)
Unidades de produção flutuantes	39	2,600
Plataformas fixas	22	1,200

Pessoal e despesas de infraestrutura tecnológica

As despesas de pessoal para Petrobras em 2023 totalizaram US $ 2,7 bilhões, com investimentos em infraestrutura tecnológica atingindo US $ 412 milhões.

• Compensação média dos funcionários: US $ 84.000 por ano
• Força de trabalho total: 47.500 funcionários
• Investimento de infraestrutura de TI: 1,5% da receita total

Iniciativas de conformidade ambiental e sustentabilidade

A Petrobras alocou US $ 580 milhões aos programas de conformidade e sustentabilidade ambientais em 2023.

Iniciativa de Sustentabilidade	Investimento (US $ milhões)
Redução de emissão de carbono	245
Projetos de energia renovável	185
Remediação ambiental	150

Petróleo Brasileiro S.A. - Petrobras (PBR) - Modelo de negócios: fluxos de receita

Vendas de petróleo e gás natural

Em 2022, a Petrobras relatou a produção total de petróleo e gás de 2,98 milhões de barris de petróleo equivalente por dia. A receita operacional líquida da exploração e produção atingiu R $ 313,4 bilhões em 2022.

Métrica de produção	2022 Valor
Produção total de petróleo e gás	2,98 milhões de barris/dia
Receita operacional líquida (exploração & Produção)	R $ 313,4 bilhões

Marketing de produto de petróleo refinado

A Petrobras processou 2,2 milhões de barris por dia de petróleo em suas refinarias durante 2022. As vendas refinadas de produtos geraram R $ 279,9 bilhões em receita operacional líquida.

• Vendas a diesel: participação de mercado dominante de aproximadamente 70% no Brasil
• Vendas de gasolina: aproximadamente 50% de participação no mercado interno

Biocombustível e produção de energia renovável

A receita de biocombustível em 2022 totalizou R $ 7,2 bilhões. Os investimentos em energia renovável atingiram R $ 1,5 bilhão.

Receitas de negociação e exportação internacionais

Em 2022, a Petrobras exportou 404.000 barris de petróleo por dia. A receita total de vendas internacionais foi de aproximadamente R $ 124,6 bilhões.

Métrica de exportação	2022 Valor
Exportações diárias de petróleo	404.000 barris/dia
Receita internacional de vendas	R $ 124,6 bilhões

Serviços tecnológicos e consultoria

Os serviços tecnológicos e a consultoria geraram aproximadamente R $ 2,3 bilhões em receita 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 $\text{boe/d}$.