Petrobras(US:PBR) Jing Ji Guan Cha Wang·2026-02-12 18:06Strategic Progress - The company announced a slight reduction in its five-year investment plan to $109 billion, with 71.6% (approximately $78 billion) allocated to exploration and production, focusing on developing Brazil's pre-salt deepwater oil fields and plans to add eight offshore production platforms by 2030 [2] Company Performance Targets - The company raised its short-term oil production target for 2026 from 2.4 million barrels per day to 2.5 million barrels per day, with an expected peak production of 2.7 million barrels per day by 2028, driven by new project launches such as the sixth phase of the Búzios field, which is set to commence production by December 31, 2025 [3] Capital Allocation - The total expected common stock dividend payout for the 2026-2030 period has been revised down to $45-50 billion, reflecting a reduction from the previous plan, and no additional dividends have been committed, indicating a shareholder return strategy under revised oil price assumptions (e.g., Brent crude oil price expected to drop to $63 per barrel in 2026) [4] Policy and Regulation - The upcoming 2026 Brazilian presidential election may introduce policy uncertainties, with the company facing pressure to balance government growth expectations and investor dividend demands, potentially leading to capital expenditure cuts or enhanced resilience against low oil prices [5]