Petrobras upgraded to Buy at Jefferies as cost-cutting improves risk-reward [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Yahoo! Finance
The move follows Petrobras' first-quarter earnings, which showed a focus on tighter spending and strategic prioritization under current oil prices. At the results call, CEO Chambriard emphasized a shift toward cost-cutting, project simplification, and capital discipline, while maintaining core projects in pre-salt and exploration. Jefferies noted that Petrobras' commitment to a base dividend payout of 45% of free cash flow, with projects breaking even at $45 per barrel, improves downside protection. The broker added that a more disciplined approach to capital allocation could lead to a 15% reduction in the company's 2026-2030 capex plan, freeing up cash to sustain base dividends of $6-7 billion annually. Jefferies sees upside from new production capacity, as two major floating production storage and offloading (FPSO) units—Mero 4 and Buzios-6/P-78—are expected to come online in the second half of 2025. “This, along with the recently started-up Tamandare FPSO at the Buzios f
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