Petrobras Workers Announce Nationwide Strike

Core Insights - Petrobras workers have announced a nationwide strike starting December 15, citing the company's latest labor agreement counteroffer as "disrespectful" [1] - The company has experienced a strong operational year in 2025, achieving record production levels [2][3] - Petrobras has adjusted its capital expenditure plans, reducing 2025 capex estimates and increasing investments for 2024-2028 [4] Group 1: Labor Relations - Workers at Petrobras are demanding changes to the employee compensation structure due to concerns over the retirement fund deficit [1] - Despite the announced strike, sources indicate that contingencies are in place, suggesting minimal impact on operations or production [1] Group 2: Operational Performance - Petrobras reported third quarter adjusted EBITDA of nearly $12 billion and net income of around $6 billion, supported by record oil and gas production of 3.14 million barrels of oil equivalent per day, reflecting a 17% year-over-year increase [3] - The company's production growth is attributed to new pre-salt platforms, including FPSO Almirante Tamandaré and Alexandre de Gusmão [2] Group 3: Capital Expenditure and Strategic Planning - Petrobras reduced its capital expenditure for 2025 to $17 billion from an earlier estimate of $21 billion, aligning with its financial capabilities [4] - The company plans to invest $102 billion in the 2024-2028 period, marking a 31% increase over previous plans, in response to government pressure to boost investments for economic growth and job creation [4] Group 4: Industry Outlook - Wood Mackenzie forecasts that Brazil's private oil companies will increase oil production by 75% by 2030, with international oil companies partnering with Petrobras in pre-salt and developing fields [5]