Petroleo Brasileiro SA Petrobras ADR

PBR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$15.40	Bjpz	Vnlsbwr

Petrobras Sticking With Investor-Friendly Plans for the Moment

Allen Good

May 10, 2023

Business Strategy and Outlook

Despite turnover in top management, Petrobras appears to be sticking to the same key elements of its investor friendly strategic plans—notably reduced leverage, disciplined capital spending, and modest production growth—that have righted the ship in recent years. The strategy is literally paying dividends as Petrobras has increased payouts with stronger cash flow from higher oil price thanks to its variable distribution plan, instead of plowing it back into value-destructive investment.

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