Petrobras — Form 20-F do exercício de 2016

The 2016 20-F reports projected investments of US$74.5 billion for 2017–2021 (initial value of the plan updated in 2017) and a 2017 budget of US$19.8 billion, revised after the plan.

Excerpt: “initially released in our 2017-2021 Plan and updated in 2017”

Source: Petrobras — Form 20-F do exercício de 2016 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 27, 2017 · Item 5 – Uses of funds · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

According to the 'capital expenditures' measure in Item 5 of the 20-Fs, Petrobras invested US$48.097 billion in 2013, US$37.004 billion in 2014 (–23%), US$23.058 billion in 2015 (–38%), and US$15.859 billion in 2016 (–31%); from 2013 to 2016 the decline is 67%.

Source: Petrobras — Form 20-F do exercício de 2016 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 27, 2017 · Item 5 – Capital Expenditures (2016 20-F, with comparatives from the 2013, 2014, and 2015 20-Fs); series in series/investimentos_petrobras.csv · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: Percentages calculated in this research from the published values (15,859/48,097 = 0.33). In nominal dollars as converted by the company: part of the decline in dollars reflects the devaluation of the real (average exchange rate of R$2.16 in 2013 to R$3.48 in 2016, BCB). The decline is not attributed to a single cause; see the evidence on causes.

In the 2016 20-F, Petrobras reported that the projects for Comperj's second refining unit and lubricants unit were canceled, that the first unit continued under a business model with partnerships, and that RNEST-2 was in the 2017–2021 plan, subject to own resources.

Source: Petrobras — Form 20-F do exercício de 2016 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 27, 2017 · Item 4 – Refining, Transportation and Marketing: Major Refinery Projects · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

The 2016 20-F reports that Petrobras was a party to an arbitration in Brazil and a lawsuit in the US brought by Sete Brasil investors (EIG Management), who allege they were induced to invest; the company that filed for judicial reorganization is Sete Brasil.

Source: Petrobras — Form 20-F do exercício de 2016 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 27, 2017 · Item 8 – Legal Proceedings · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026

Limitations: The investors' allegation is their accusation; Petrobras contests it. Outcome not located in the sources consulted.

The 2016 20-F reports that Petrobras temporarily suspended companies from taking part in new bidding processes in Lava Jato, points to the risk of new suspensions, and describes the integrity due diligence analysis and the classification of suppliers by integrity risk grade (GRI).

Source: Petrobras — Form 20-F do exercício de 2016 — Petróleo Brasileiro S.A. — Petrobras (SEC), Apr. 27, 2017 · Item 3 – Risk Factors; Item 16 – compliance (integrity due diligence) · open original ↗

Financial statement (primary) · full text examined · accessed on Oct. 24, 2026