PETR3: quote, dividends and indicators for Petrobras

Petrobras, traded on B3 through the PETR3 and PETR4 shares, is a mixed-capital company formed by the Federal Government in 1953, with operations starting in 1954. The company was created under Law No. 2,004/1953, which granted it, for approximately four decades, exclusivity over the exploration, production, and refining of oil and natural gas in Brazil. As of 1995, with Constitutional Amendment No. 9 and subsequently Law No. 9,478/1997, known as the Petroleum Law, this monopoly was abolished, opening the market to other companies and placing Petrobras in a free-competition environment across the entire oil and gas value chain. The company, however, remains under Federal Government control, which must hold the majority of voting capital. Common and preferred shares began trading on B3 in 1968 and, since 2000, the company has also had securities listed on the New York Stock Exchange in the form of American Depositary Receipts (ADRs).

Petrobras’ business model is integrated across the entire oil, natural gas, and refined products value chain, with recent expansion into activities related to the energy transition and the low-carbon economy. Its corporate purpose includes research, production, refining, processing, transportation, and marketing of oil, natural gas, natural gas liquids (NGLs), and other fluid hydrocarbons, as well as the generation and sale of electric power, liquefied natural gas (LNG), and biofuels. The company operates in a free-competition environment in Brazil and abroad, directly or through subsidiaries and affiliates, and may participate in joint ventures with other companies. In its operating structure, the businesses are organized into three main segments: Exploration and Production (E&P), Refining, Transportation and Marketing (RTC), and Gas and Low Carbon Energy (G&EBC), in addition to the corporate and other businesses category, which includes financial and administrative activities and international distribution.

The Exploration and Production segment is the core of Petrobras’ portfolio and concentrates most of the company’s cash generation. In 2025, this segment accounted for a significant share of consolidated revenue and most of net income. E&P operations are focused on offshore oil reservoirs in deep and ultra-deep waters in Brazil, which represent 98% of the company’s oil production. Brazilian exploration and production assets account for almost all of Petrobras’ global production and oil and natural gas reserves, with emphasis on the pre-salt areas of the Santos and Campos basins. Over more than 50 years of operating in offshore basins, the company has developed specific technical expertise in deepwater and ultra-deepwater exploration and production, operating joint ventures in major fields such as Búzios, Tupi/Iracema, Mero, Itapu, Atapu, and Sépia. As of December 31, 2025, Petrobras held 239 exploration and production blocks and fields, many of them in partnerships, under different regulatory regimes: concession, production sharing, and transfer of rights.

The Refining, Transportation and Marketing segment, identified as RTC, covers oil refining, logistics, transportation, procurement and export of crude oil, as well as the purchase and sale of refined products in Brazil and abroad. Petrobras operates ten refineries, responsible for most of the refining capacity installed in the country, concentrated mainly in the Southeast region, close to the main consumer centers and to the Campos and Santos basins. In addition to refining, this segment includes investments in petrochemicals, production and sale of fertilizers, and the distribution of refined products in some international markets. In 2025, RTC was the largest generator of net revenue among the operating segments, reflecting the weight of refining, logistics, and marketing activities in the company’s business structure. The segment’s revenue is concentrated in large customers, with two of them individually accounting for 14% and 10% of Petrobras’ total net revenue that year, mainly related to RTC operations.

The Gas and Low Carbon Energy (G&EBC) segment organizes activities related to the marketing of natural gas, electric power, and LNG, as well as power generation at thermoelectric plants and natural gas processing. This segment also includes initiatives in renewable energy, low-carbon services such as carbon capture, utilization, and storage (CCUS), and the production and sale of biodiesel and its co-products. The design of this business reflects efforts to diversify the revenue mix and gradually align with energy transition trends. Another relevant pillar of the organization is the corporate and other businesses block, which brings together items not directly allocated to the operating segments, such as corporate financial management, financial derivatives, actuarial expenses, and refined product distribution abroad, particularly in some South American countries.

Petrobras’ international presence is spread across several regions, focusing on assets and operations that leverage the company’s experience in deep and ultra-deep waters, as well as trading, logistics, and petrochemical activities. In South America, the company operates in Argentina, Bolivia, and Colombia in oil and gas exploration and production, gas transportation, and production, distribution, and marketing of products and services. In Bolivia, for example, it is a partner in fields such as San Alberto and San Antonio, mainly focused on supplying gas to Brazil and Bolivia. In North America, Petrobras participates, through Petrobras America Inc. (PAI), in a joint venture with Murphy Oil Corporation in the Gulf of Mexico, focused on deepwater fields, and also conducts trading activities in oil, refined products, LNG, and renewables. The company also holds a significant stake in Braskem, a petrochemical company with operating assets in the United States, Mexico, and Germany.

In Europe, Petrobras structures its presence mainly through holding companies and vehicles focused on managing equity interests, raising funds, and trading. The subsidiary Petrobras International Braspetro B.V. (PIB BV), based in the Netherlands, consolidates foreign holdings and houses companies such as Petrobras Netherlands B.V. (PNBV), Petrobras Global Trading B.V. (PGT BV), and Petrobras Global Finance B.V. (PGF-BV). These entities operate, respectively, as holding and procurement companies, in international trading of oil, refined products, LNG and renewables, and in fundraising in the international capital markets. In Asia, Petrobras is present in Singapore through Petrobras Singapore Private Limited (PSPL), focusing on trading aimed at markets such as China, India, Southeast Asia, and the Middle East. In Africa, the company participates as a non-operator in exploration blocks in São Tomé and Príncipe and South Africa, and in processes to acquire exploration assets in countries such as Namibia, as well as in studies of opportunities in Côte d’Ivoire. In 2025, around 71% of net revenue was attributable to Brazil, while approximately 29% was generated in more than 17 countries, with emphasis on China, Singapore, markets in the Americas (except the U.S.), Europe, and other Asian countries.

The regulatory environment has a central influence on Petrobras’ activities. In Brazil, oil and natural gas exploration and production are regulated mainly by the National Agency of Petroleum, Natural Gas and Biofuels (ANP), created by the Petroleum Law, and by the contractual regimes of concession, transfer of rights, and production sharing. The discovery and development of the pre-salt frontier led to the establishment of a new regulatory framework in 2010, with Laws No. 12,276, 12,304 and 12,351, which introduced the production-sharing regime for certain areas and authorized the creation of Pré-Sal Petróleo S.A. (PPSA) to manage the production-sharing contracts. In 2016, Law No. 13,365 changed the model, removing the requirement that Petrobras be the sole operator of the pre-salt, while ensuring it a right of first refusal with a minimum 30% stake in production-sharing consortia. The company is also governed by Law No. 13,303/2016, which sets out the legal framework for state-owned companies and affects aspects of governance, procurement, and internal controls.

In environmental, social, and governance (ESG) matters, Petrobras structures its disclosure of information through specific annual reports. The Sustainability Report follows the guidelines of the Global Reporting Initiative (GRI Standards 2021) and presents indicators aligned with the Sustainability Accounting Standards Board (SASB) standards for the oil and gas industry, as well as references from IPIECA’s sectoral guidance. The company also publishes a Climate Change and Energy Transition Report, based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and a Human Rights and Corporate Citizenship Report, guided by the UN Guiding Principles on Business and Human Rights. There is also the Annual Letter on Public Policies and Corporate Governance, required by Brazilian legislation applicable to state-owned companies and aimed at ensuring transparency of objectives and governance practices. The Sustainability Report is subject to limited assurance by an independent firm, while other ESG documents are not fully audited externally, although certain data, such as greenhouse gas emissions, are verified by third parties and referenced in the audited financial statements. Each year, Petrobras reviews its materiality matrix, identifying relevant sustainability topics based on real and potential impacts on people, the environment, human rights, and risks and opportunities for the business.