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Between 2015 and 2022, a massive divestment program restructured Petrobras, which came out of a deep crisis to become one of the most profitable companies in the world, focused on the pre-salt.
The trajectory of Petrobras in the last decade is one of the greatest corporate turnaround stories in the world. In 2015, the company was on the brink of collapse, drowning in debt and at the center of the Lava Jato corruption scandal. The solution was a radical “cleaning”: a program that sold over 100 assets and raised tens of billions of dollars.
This strategy transformed the state-owned company. Petrobras abandoned the integrated energy company model to become a highly profitable specialist in pre-salt exploration. Today, in 2025, the company is reaping the financial rewards of this decision, but faces new political pressure to change course once again.
The 2015 Crisis and the Origin of the Divestment Program
In 2014, a “perfect storm” hit Petrobras. The Lava Jato scandal revealed a systemic corruption scheme, forcing the company to recognize an accounting write-down of US$ 2.5 billion in its assets. At the same time, falling oil prices and a loss-making fuel pricing policy led to record losses.
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The result was a financial collapse. In 2015, the company reported a loss of R$ 34.8 billion, the worst in its history, and its debt reached US$ 126 billion. To survive, Petrobras launched an ambitious divestment program, with the clear goal of reducing debt and focusing on its most profitable projects.
The Assets Sold and the Billions Raised
The sales program was executed at an impressive scale and speed. Between 2015 and 2022, Petrobras disposed of more than 100 assets in areas where it did not consider itself the “best owner”. This included mature oil fields, gas pipelines, petrochemicals, and refineries.
Three sales stand out as emblematic:
BR Distribuidora: the market leader in gas stations was privatized in stages, culminating in the total sale of Petrobras’ stake in 2021 for US$ 2.3 billion.
Gas Pipelines (NTS and TAG): the two main gas pipeline networks in the Southeast and Northeast were sold to international consortia, in deals that totaled over US$ 13 billion and opened the gas market to competition.
Landulpho Alves Refinery (RLAM): the refinery in Bahia, with 14% of the country’s refining capacity, was sold in 2021 to the Mubadala Capital fund for US$ 1.8 billion.
The Absolute Focus on Pre-Salt: The New Strategy of Petrobras
The asset sales had a clear objective: to concentrate all of Petrobras’ capital and technology on the exploration of pre-salt fields. This decision was based on an irrefutable economic reality: pre-salt reservoirs possess extraordinary productivity.
Pre-salt production, led by the Tupi, Búzios, and Mero fields, already represents 80% of the company’s total production. More importantly, the operational efficiency is world-class. The cost to extract a barrel of oil in the pre-salt (lifting cost) has plummeted to less than US$ 3, one of the lowest in the world.
Record Profits and Massive Dividends
This new strategy transformed the financial health of Petrobras. The gross debt, which was US$ 126 billion in 2015, was reduced to US$ 62.6 billion by the end of 2023. With its accounts in order and cash flowing from pre-salt profits, the company went from losses to historic results.
In 2022, Petrobras reported a record profit of US$ 36.6 billion and became the second largest dividend payer in the world, distributing R$ 215.7 billion to its shareholders, including the Federal Government. The company had become a true “money machine”.
The Pressure to Invest Again and the Political Risk
In 2025, Petrobras faces a new dilemma. The change in government in Brazil brought a new strategic vision, pressuring the company to resume its role as a driver of national development. The policy of focusing solely on profit and distributing massive dividends has come under criticism.
The new directive is for the company to reinvest in areas it had exited, such as refining. Petrobras has already begun negotiations to repurchase part of the Mataripe Refinery (formerly RLAM) and resumed expansion projects at other refineries. For the market, this change creates uncertainty. The fear is that the company diverts capital from its super-profitable pre-salt projects to invest in lower-return areas, but politically motivated, which imposes a “risk” to its valuation.
Como que uma estatal não dá lucro para quem vende mais dá para quem compra, só quero ver quando não tiver mais estatais pra vender como a direita vai fazer para que o país não feche com defet no final de cada ano.
Sabe, esquerdhopat@, vc e sua gente são os cânceres deste país. Vai defender estatal na Put@ ke te p@riu.
A própria reportagem já informa que tudo começou na crise da petrobras lá por 2015 e a roubalheira facitada por cabide de emprego político foi um dos fatores e em pouco tempo a dívida caiu mais da metade . Hoje julho de 2025 a Petrobrás volta a diminuir o seu lucro assim como correios . Porque será?
O país continua dependente da importação de derivados, em dólares, do mercado internacional. Inclue-de gás natural, nitrogenados. Qual é o objetivo da Petrobrás estatal?
Tem que esclarecer que. vaza a jato foi uma operação do Departamento de Estado americano para depor a Presidenta e privatizar o petróleo, além de destruir a construção civil.
De onde você tirou isso? A PeTralhada imunda destruiu o Brasil incluindo a Petrobrás. Os acionistas americanos foram roubados e processaram o governo para reaver seus investimentos que o governo do PT havia roubado. A esquerdalha não cansa de mentir e jogar a culpa nos outros pelos seus próprios crimes.
Vcs adoram passar vergonha.
A FARSA JATO ….desconstruiu o Brasil , para depois haver o Entreguismo desenfreado do patrimônio brasileiro !
Pergunta lá nos EUA, se eles entregam / privatizam empresas de petróleo ?????Eles só compram a preço irrisório ou tomam depois de guerras
Farsa Jato..
A Petrobras foi entregue e os acionistas sanguessugas….
Entreguismo desenfreado !
Em todo o tempo em que o partido da esquerda esteve à frente da direção do Brasil só nos trouxeram infortúnio e no período de 2016 a 2022 a esquerda saiu o país prosperou. Estamos novamente na era Perca Total é 2 passos a frente e 5 derrapando