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Petróleo Brasileiro S.A. – Petrobras reported that its Board of Directors has appointed Mr. Marcelo Weick Pogliese as a member of the company’s Board of Directors. The appointment follows a prior statement dated August 27, 2025 and was made in accordance with Article 150 of Brazilian Law 6,404/76 and Article 25 of Petrobras’ Bylaws.
Mr. Pogliese will serve as a board member until the first General Meeting, when shareholders typically decide on the composition of the board. The company also reiterates that any forward-looking statements it makes are subject to risks and uncertainties that may cause actual results to differ from expectations.
Petróleo Brasileiro S.A. – Petrobras reports that Brazil’s Ministry of Mines and Energy has appointed Marcelo Weick Pogliese to serve as a member of its Board of Directors, filling the seat previously held by Pietro Adamo Sampaio Mendes.
The appointment is not yet final and will go through Petrobras’ internal governance procedures, including compliance and integrity reviews, and evaluation by the People Committee and the Board of Directors under Brazilian corporate law and the company’s bylaws.
Pogliese is an attorney with advanced degrees in law, currently serving as Special Secretary for Legal Affairs in the Office of the Chief of Staff to the President of Brazil and as a tenured university professor, and has held multiple senior legal and advisory roles in government and at Petrobras.
Petr bras (PBR) amended Form 6-K highlights interim financial statement notes and material items through June 30, 2025. The company recorded specific impairment losses including US$208 million for Campos basin blocks, US$83 million for an FPSO lease amendment, and US$57 million related to a platform accident. It details tax uncertainty with US$833 million provisioned and US$5,673 million unprovisioned positions related to income taxes and judicial proceedings. Petrobras reports repaying US$2,403 million of finance debt and raising US$3,072 million (including debentures and bank proceeds). Management approved dividends totaling US$13,076 million (US$1.0146 per outstanding share) and describes notable provisions, contingent liabilities, and collateral arrangements for concession agreements totaling US$1,445 million.
Petrobras reported material revenue declines driven by lower prices. Domestic market oil products revenues fell by US$2,222 million, reflecting a US$2,715 million drop in average domestic basic oil product prices partially offset by a US$493 million increase in sales volumes. Exported crude oil revenues decreased by US$1,812 million, of which US$502 million resulted from lower sales volumes and US$1,310 million from a decline in average export prices tied to weaker Brent crude. The excerpt also includes a labeled debt table placeholder and a signature by Fernando Sabbi Melgarejo.
Petróleo Brasileiro S.A. – Petrobras reports that Mr. Pietro Adamo Sampaio Mendes has resigned, effective immediately, as Chairman and member of its Board of Directors, citing new professional challenges. He expressed gratitude to fellow Board members, the Executive Board led by CEO Magda Chambriard, and Petrobras teams, and wished them success.
Under Paragraph 2 of Article 18 of Petrobras’ Bylaws, the Board of Directors may itself elect a new Chairman to fill the vacancy, with that mandate lasting until the next General Shareholder Meeting. The company states it will keep the market informed about developments related to this leadership change.
Petróleo Brasileiro S.A. – Petrobras reports that it is paying the first installment of shareholder remuneration related to the balance sheet dated March 31, 2025.
The gross amount being distributed on August 20, 2025 is R$ 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%).