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Petróleo Brasileiro S.A. – Petrobras reports that Mr. Pietro Adamo Sampaio Mendes has resigned, effective immediately, as Chairman and member of its Board of Directors, citing new professional challenges. He expressed gratitude to fellow Board members, the Executive Board led by CEO Magda Chambriard, and Petrobras teams, and wished them success.
Under Paragraph 2 of Article 18 of Petrobras’ Bylaws, the Board of Directors may itself elect a new Chairman to fill the vacancy, with that mandate lasting until the next General Shareholder Meeting. The company states it will keep the market informed about developments related to this leadership change.
Petróleo Brasileiro S.A. – Petrobras reports that it is paying the first installment of shareholder remuneration related to the balance sheet dated March 31, 2025.
The gross amount being distributed on August 20, 2025 is R$ 0.45458310 per common and preferred share, entirely in the form of interest on equity. Payments to shareholders with book-entry shares are handled by Banco Bradesco, while investors holding shares through B3 will receive credits via their brokers.
Holders of American Depositary Receipts traded on the New York Stock Exchange are scheduled to receive payment from JP Morgan Chase starting on August 27, 2025. Rights not claimed within three years from August 20, 2025 will expire and return to Petrobras under Brazilian corporate law.
Petrobras 2Q25 performance: Adjusted EBITDA excluding one-off events was US$10.2 billion and net income excluding one-offs was US$4.1 billion. Operating cash flow was US$7.5 billion and free cash flow US$3.4 billion. Oil and NGL production reached 2.32 million bpd (5% vs 1Q25). Capex in 2Q25 was US$4.4 billion. Brent averaged US$67.82/bbl.
Balance sheet and items of note: Gross debt totaled US$68.1 billion and net debt US$58.6 billion (Net debt/LTM Adjusted EBITDA = 1.53x). Leases recognition increased finance leases, including ~US$1.1 billion related to the leased FPSO Alexandre de Gusmão. The Board approved dividends of R$8.7 billion and the company paid R$66 billion in taxes in 2Q25. Adjusted EBITDA and net income were affected by lower foreign-exchange gains and one-off items disclosed in the report.
PBR’s 1H-25 results show a sharp rebound in bottom-line profitability despite softer top-line trends. Sales revenue fell 11% YoY to US$42.1 bn, driven by lower diesel, gasoline and export volumes/prices. Cost discipline and a 7% decline in cost of sales limited the gross-margin erosion (48% vs. 51%), but the key swing factor was a US$4.2 bn FX gain that turned net finance income positive (US$2.8 bn vs. a US$8.8 bn loss in 1H-24).
Net income jumped 140% YoY to US$10.8 bn (EPS US$0.83) and quarterly net income reached US$4.8 bn. Operating cash flow contracted 13% to US$16.0 bn, while capex rose 39% to US$8.0 bn, trimming free cash flow. Cash & equivalents nonetheless doubled to US$7.0 bn, aided by stronger BRL translation.
Balance-sheet expansion reflects growth capex and currency effects. Total assets climbed 19% to US$215 bn, with PP&E up 20% to US$163.6 bn. Net debt (finance debt minus cash) inched up to ~US$18.8 bn. Deferred tax liabilities (+US$6.1 bn) and decommissioning provisions (+US$3.5 bn) drove a 16% rise in total liabilities. Equity improved 24% to US$73.6 bn after earnings and FX-hedge OCI gains.
Capital returns moderated. Petrobras paid US$4.6 bn in dividends in 1H-25 (vs. US$10.6 bn YoY) and booked a further US$3.5 bn for future payments. Pension/health-care obligations grew to US$13.3 bn (+16%).
PBR 6-K (H1 2025): earnings surge driven by FX gains, lower finance costs. Consolidated net income reached R$ 62.1 bn, almost triple H1 2024’s R$ 21.3 bn, lifting EPS to R$ 4.80 from R$ 1.63. Revenue was broadly flat at R$ 242.3 bn (+1%), while gross profit slipped 3.6% to R$ 117.4 bn as upstream volumes offset softer refining margins.
Operating expenses fell 1% YoY to R$ 43.9 bn, but the key swing factor was net finance income of R$ 16.2 bn versus a R$ 46.0 bn loss last year, reflecting a stronger real and hedge gains. Effective tax rate rose to 30.7% (H1 24: 32.6%). Resulting parent-company retained earnings increased to R$ 50.4 bn, growing equity to R$ 399.2 bn.
Cash flow from operations held at R$ 91.8 bn (-2%). Higher capex (PP&E and intangibles) of R$ 46.5 bn (+59%) and lease repayments drove a R$ 46.9 bn financing outflow, yet cash & equivalents still almost doubled to R$ 38.2 bn. Net debt declined: current + non-current financial debt fell to R$ 320.8 bn from R$ 373.5 bn, while lease liabilities were broadly stable.
Balance-sheet quality improved with non-current debt down 48% YoY at the parent level and liquidity strengthened, but provisions for decommissioning (+R$ 4.1 bn) and deferred tax liabilities (+R$ 32.4 bn) climbed. Capex acceleration signals continued investment in pre-salt projects and refining upgrades.
On 7 Aug 2025, Petrobras (PBR) filed a Form 6-K announcing that its Board of Directors added a new “Positioning in Distribution” pillar to the company’s Strategic Plan for the Downstream, Gas & Energy and Low-Carbon segments. The approved framework commits Petrobras to operate only in profitable distribution businesses and partnerships while observing existing contracts.
Positioning drivers include:
- Entering and expanding in LPG distribution
- Integration with other Petrobras operations in Brazil and abroad
- Offering low-carbon energy solutions to customers
Petróleo Brasileiro S.A. – Petrobras filed a Form 6-K solely to update investors on the timing of its 2Q25 earnings webcast. The presentation will occur on 8 Aug 2025 at 11:15 a.m. Brasília time (10:15 a.m. NY / 3:15 p.m. London). It will be delivered in Portuguese with simultaneous English translation and streamed via the company’s investor-relations website. No financial results, guidance, or operational data are included in this filing; it is limited to logistical details for the forthcoming results release.
Petróleo Brasileiro S.A. – Petrobras (PBR) reports that Brazil’s oil regulator ANP has approved the Production Individualization Agreement (AIP) for the Jubarte Pre-Salt Shared Reservoir in the Campos Basin. The unitization aligns ownership interests where the reservoir extends beyond concession boundaries and becomes effective 01-Aug-2025.
- Petrobras will hold 97.250% of the unitized reservoir; the remaining 2.750% is split among Shell (0.430%), ONGC (0.232%), Brava (0.198%) and the Brazilian Federal Government via PPSA (1.890%).
- The AIP sets rules for joint development, production operations and future revenue sharing.
- Parties must negotiate financial compensation covering historical costs and production up to the effective date.
Regulatory clearance removes legal uncertainty, affirms Petrobras’ dominant stake and paves the way for coordinated development of a high-quality pre-salt asset, potentially accelerating future production and cash generation.
Petrobras (PBR) filed a Form 6-K announcing the Board’s election of Angélica Garcia Cobas Laureano as Chief Energy Transition and Sustainability Officer, with a mandate running to 13 April 2027. Laureano brings 45 years of sector experience, 37 of them at Petrobras, including senior roles in Materials, Downstream, Gas & Energy and as president of Gaspetro and the Bolivia-Brazil pipeline operator. All governance, compliance and integrity reviews were completed prior to the appointment. Following her election, Petrobras’ nine-member Executive Board now comprises five women and four men, the first female majority in the company’s history and a rare milestone among global oil-and-gas majors.