Magda Chambriard stated that the company’s internal policy remains “integrity and solid”, in a scenario of volatility
The president of Petrobras, Magda Chambriard, said that the company’s internal policy remains “integer and solid”, in a scenario of volatility. “We observe international parities in oil prices without passing on the volatility to the Brazilian domestic market,” he stated.
For her, there is no doubt that the moment is one of high geopolitical instability. In this context, she states that the The concern is to make the company ready for any scenario that occurs in relation to the price of oil. “If it is US$85 per barrel, we have to be prepared, if it is US$55, we have to be equally prepared,” he said.
She recalled that, last year, the company experienced an oil price above US$80 at the beginning of the year and ended with an oil price of US$60 to US$59.
“The company delivered its results and proved to be, let’s say, resilient enough to face this changing scenario. At the beginning of this year, this volatility was exacerbated by war issues, but our internal policy remains intact and solid”, stated Magda Chambriard.
For her, Petrobras reconciles the observation of international parities, the valorization of its products and at the same time paying attention to its space in terms of occupying the Brazilian market, “it is no longer a theme”.
She says she has received many questions about whether the pricing policy that was valid when oil fell will be valid when oil prices rise. “And our response yes, the same thing applies until now”, these.
Magda stated that a clearer trend on oil prices so that the state-owned company decides to make adjustments to its prices. However, he considered that the persistence of volatility demands attention. “If this volatility is so great, this price increase is so great, it will certainly require, let’s say, faster responses than would be required if the increase were slower,” he said.
The price of Brent reached above US$90 throughout this Friday morning. “At the moment, we are not sure if this is the premise”, highlighted the executive.
The director of Logistics, Commercialization and Markets at Petrobras, Claudio Schlosser, endorsed that, as part of the strategy of being “the customer’s best alternative”, the look at international quotes It is part of the daily work of the state-owned company.
“We have a quite significant oil productionthe refineries are performing at world-class standards. The commercial strategy has, as a fundamental principle, not to transfer this volatility. The time factor is what we have most relevant at the moment”, he pointed out.
Magda also added that the company continues to import what it needs and export what it needs in the current scenario. “And our cash remains the subject of our attention to ensure the company’s resilience,” he said.
Profit in 2025
Petrobras ended 2025 with net profit of US$19.634 billion, 160.8% higher than that recorded in 2024.
Petrobras’ total oil and natural gas production reached 3 million barrels of oil equivalent per day (boed) last year.
‘Unusual’ period
Schlosser emphasized that the state-owned company’s Business Plan for 2026-2030 already provided for a wide oil price range to “cover” the company’s needs. When analyzing the short-term scenario for the commodity, given the offensive by the United States and Israel against Iran, he defined it as a “unusual period”.
“We have different pictures of supply and demand at every moment. Not long ago there was talk of oil at US$50 and, a few days ago, we saw the market frozen in the face of the derivatives shock”, he analyzed, during the earnings call for the fourth quarter of 2025. “Now we see the freight adjusting and the picture of the moment is that this reflects favorably on Petrobras, even with the rise in freight rates.”
He also said that the state-owned company has privileged position in relation to other peers because it is outside the conflict zone and guaranteed that there are no consequences in the logistical planning of derivatives. “We optimized our robust infrastructure, identified the most attractive derivatives import fronts and were able to carry out negotiations within planning. The ships that are pointed here (Brazil) will arrive normally”, he emphasized.
The director of Industrial Processes and Products, William França, reinforced the message. “Refining is being optimized, we will close the quarter of 2026 with 95% Utilization Factor (Fut)” In the fourth quarter of 2025, the refineries’ Fut fell to 89%, compared to 95% in the same quarter a year earlier.
Regarding supply, the executives emphasized that Petrobras is not the only player on the market.
Growth opportunities
Magda emphasized that there are still great opportunities to create growth for the company and generate value even in the midst of geopolitical instability that accentuates the volatility of the oil market.
“Petrobras is imbued with the purpose of making this an increasingly larger company, which grows together with Brazil,” she said, during the conference call. “We are building a diversified company, prepared to face the volatility of the oil market, as unstable as what we are experiencing today.”
The executive reiterated that the company is prepared to make a fair energy transition and the positioning has shown positive financial results.
“We are doing a good money laying bunker (fuel for maritime transport) with 24% renewable fuel in the Asian market”, he explained. “We had great news in 2025 in the gas area, especially with the Boaventura Complex”, he added.
Exports
The president of Petrobras emphasized the replacement of the state-owned company’s reserves in 2025a record year for oil production and exports. “We export almost 1 million barrels per day. The P-79 is anchored and will soon start producing in advance, the Tupi/Iracema Field has recovered and we are once again producing 1 million boed”, he highlighted.
Magda further stated that the overcoming goals has been constant in the company, in production, refining and export. She also said that management signed contracts for refinery works below the expected value. “We have been producing more and better, with fewer resources,” he said.
Celebration of results in 2025
Magda celebrated the company’s results achieved in 2025. She emphasized that the state-owned company had a year “unprecedented in production” even in a scenario of pressure due to the price of Brent oil. “We are extremely proud of our technical work. I repeat something that I never get tired of: anyone who bets against Petrobras will lose,” he said.
And he emphasized: “It was the growth in production that allowed to mitigate the large drop in the price of oil. Exceeding targets has been a constant feature of the company in production, refining and exports.”
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