Amid the surge in the price of a barrel of oil on the international market, caused by the war between the United States and Israel against Iran , with Brent reaching US$90 throughout Friday, March 6, Petrobras seeks to remain calm.
Based on the results of the fourth quarter of 2025, in which increased production ensured positive performance, the state-owned company believes it is prepared to face any scenario and sees no reason to change course.
This means that the pricing policy – which aims to avoid passing on volatility to consumers – and the investment plan for the next five years remain unchanged.
"Without a doubt, we are living through a moment of high geopolitical instability, where the concern is to leave the company prepared for any scenario," said Petrobras CEO Magda Chambriard in a conference call with analysts.
"The situation is exacerbated, but the pricing policy remains sound and solid. We are monitoring international oil and derivative prices, but without passing on excessive volatility," he added.
She added that the scenario is highly uncertain and that the best course of action is to observe before considering policy changes. "Right now, we're all wondering what the market trend is. Is it a momentary spike and we change the rules unnecessarily, or is it something more persistent?" she stated.
Petrobras continues with its schedule, importing and exporting as needed, without changes to refinery operations.
Along the same lines, CFO Fernando Melgarejo stated that this stance also applies to the business plan, which foresees total investments (Capex) of US$ 109 billion between 2026 and 2030.
Even with the possibility of higher prices generating greater revenue, the guidance is to maintain capital discipline. "Our priority remains capital discipline. Our focus is on meeting planned investments," said the CFO.
Executives emphasized that the company is prepared to handle any scenario, as demonstrated in its fourth-quarter and 2025 results.
In a year when Brent crude fell 14%, Petrobras recorded a net profit of R$ 15.5 billion in the last three months, reversing the loss of the same period in 2024. In total, the profit reached R$ 110.1 billion, tripling compared to the previous year.
Net revenue rose 5% in the quarter to R$127.4 billion and increased 1.4% for the year to R$497.5 billion. Adjusted EBITDA grew 46.3% in the fourth quarter to R$60 billion and 10.6% for the year to R$237.2 billion.
“Brent didn’t help us, oil prices fell sharply, but the growth in production allowed us to mitigate the price drop,” said Chambriard, highlighting that production rose 11% compared to 2024 with the resumption of operations and efficiency gains.
These results led Chambriard to paraphrase Warren Buffett 's famous warning to those who don't believe in the strength of the United States.
"Petrobras is prepared to face an oil market as volatile as the one we are experiencing today," he said. "Anyone betting against Petrobras will certainly lose. I am very proud to say that."
At around 3:34 PM, Petrobras' preferred shares were up 4.37%, at R$ 42.45. In 12 months, the shares have registered a 24% increase, bringing the market value to R$ 573.1 billion.
