Q3 2025 Petroleo Brasileiro SA Petrobras Earnings Call (English, Portuguese) Transcript
Key Points
- Petroleo Brasileiro SA Petrobras (PBR) achieved a record-breaking oil and gas production in Q3 2025, reaching 3.14 million barrels of oil equivalent, a 76% increase from Q2 2025.
- The company set a new record for pre-salt production, reaching 2.56 million barrels of oil equivalent, due to a 4% efficiency increase and the startup of new systems.
- Petroleo Brasileiro SA Petrobras (PBR) signed contracts to expand S10 diesel and jet fuel production, contributing to energy security and economic development.
- The company achieved an adjusted EBITDA of USD 12 billion and a net income of USD 5.2 billion, demonstrating strong financial performance despite lower oil prices.
- Petroleo Brasileiro SA Petrobras (PBR) maintained a high refinery utilization rate of 94%, producing high value-added derivatives and achieving significant operational efficiency.
- The company faces challenges due to a drop in rent prices, impacting the entire industry both domestically and internationally.
- There was a slight increase in CapEx, which was higher than initially planned, although the company is confident in meeting deadlines.
- Petrochemical client Braskem is experiencing financial difficulties, raising concerns about potential impacts on Petroleo Brasileiro SA Petrobras (PBR).
- Gross debt increased to USD 70.7 billion, approaching the company's debt ceiling of USD 75 billion, raising concerns about financial flexibility.
- The company faces potential risks from the provisional measure affecting oil re-injection and reference prices, which could impact project feasibility, especially in mature fields.
Good morning. And welcome to the Petroleo Brasileiro webcast with analysts and investors about the Q3 results for 2025. It's a huge pleasure to be with you today. I'm going to share information with you before we start. This is going to be presented in Portuguese with simultaneous transition into English and the links to both languages are on our Investor Relations website.
All participants will follow the internet transmission as listeners. After the session, we'll have a Q&A session, and you can send your questions through our email petroinvest@petro. This meeting is being recorded.
And here with us today, we have Angélica Laureano, the Executive Director of Energy Transition and Sustainability, Clarice Coppetti , the Executive Director of Corporate affair affairs, Claudio Schlosser, the Executive Director of Trade and Markets, Fernando Melgarejo, the Executive Director of Investor relations; Renata Baruzzi, Executive Director of Engineering, Technology and Innovation; Ricardo Wagner, Executive Director of
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