Petroleo Brasileiro S.A. - Petrobras
PBR-A
Energy
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exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Petroleo Brasileiro S.A. (Petrobras) is Brazil's state-controlled oil giant and one of the world's largest upstream producers, operating massive deepwater pre-salt formations in the Santos and Campos Basins off the Brazilian coast. PBR-A represents the preferred A shares of the same company. Per the company's FY2024 annual report (Form 20-F), total production reached 2.7 million BOE/d, with commercial production of 2.4 million BOE/d and oil production of 2.2 million bpd. Pre-salt operations accounted for approximately 81% of total output. Proved reserves increased to 11.4 billion BOE from 10.9 billion in 2023, achieving a 133% reserve replacement ratio. The company generated $38 billion in operating cash flow while launching two major FPSOs ahead of schedule. Petrobras continues to expand deepwater drilling capacity with no material pivot away from hydrocarbon extraction.
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