Morningstar
•
May 12, 2026
Petróleo Brasileiro S.A. - Petrobras: Petrobras Earnings: Solid Profitability Fails To Translate Into Higher Payouts
Summary
Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on the exploration and production of oil and gas in Brazilian offshore fields. Production in 2025 was 3.0 million barrels of oil equivalent per day (80% oil), and reserves stood at 12.1 billion boe (84% oil). At the end of 2025, Petrobras operated 10 refineries in
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Analyst Profile
Allen Good
Sector Strategist
Allen Good, CFA, is an energy strategist for Morningstar Holland BV, a wholly owned subsidiary of Morningstar, Inc. Based in Amsterdam, he covers the oil and gas industries. He is also a member of the Morningstar Research Services Economic Moat Committee, a group of senior members of the equity research team responsible for reviewing all Economic Moat and Moat Trend ratings issued by Morningstar.Before joining Morningstar in 2008, he performed merger and acquisition advisory work for a middle-market investment bank. Before that, he spent several years at Black & Decker in various operational roles.Good holds a bachelor’s degree in business from the University of Tennessee and a master’s degree in business administration from Kenan-Flagler Business School at the University of North Carolina. He also holds the Chartered Financial Analyst® designation.
