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Is Petrobras a return to profligate spending?

While the latest plan is by no means a return to the profligate spending of a decade ago that first placed Petrobras in jeopardy, it is—along with a reduction in the payout ratio—a departure from the capital discipline of the last few years that resulted in a healthier balance sheet and large shareholder payouts. PBR is trading at a 641% premium.

Why did Petrobras increase its spending levels?

With its latest five-year plan, Petrobras meaningfully increased spending levels as it incorporates investments for the energy transition.

How many refineries does Petrobras operate in Brazil?

At end-2023, Petrobras operated 10 refineries in Brazil with capacity of 1.8 million barrels a day and distributes refined products and natural gas throughout Brazil. Transparency is our policy.

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