Castello Branco Approved as Petrobras’ New CEO in Brazil

By Lise Alves, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – Petrobras’ Board of Directors announced last week that it has accepted the nomination of economist Roberto Castello Branco to the position of president of the company as of January 1, 2019. The nomination of Castello Branco, made by President-elect Jair Bolsonaro, was voted on by the Committee for Nominating, Compensation and Succession of the Board of Directors.

 
“The Company informs that the Board has appointed Mr. Roberto Castello Branco to the position of Board Member from 01/01/2019 until the next General Shareholders’ Meeting and also elected him as the company’s CEO, as of 01/01/2019,” read the statement issued by Petrobras to its investors.

The board of Brazil’s oil giant also announced the resignation of current CEO, Ivan Monteiro as well as the replacements of directors of Strategy, Organization and Management System, Nelson Luiz Costa Silva, and Refining and Natural Gas, Jorge Celestino Ramos.

Castello Branco has held a variety of executive positions at Vale S.A., Brazil’s Central Bank, Banco Boavista, Banco Boavista Investimentos and Banco InterAtlântico. He was also a member Petrobras’ Board of Directors between May 2015 and April 2016.

Castello Branco will start his tenure at Petrobras already expected to resolve important issues. Last week, Supreme Court Justice, Marco Aurelio de Melo, suspended a decree that would allow the company to abdicate its participation rights to the exploration and production of oil and natural gas.

The decree, issued during the first semester of 2018 by President Temer, was intended to help promote the state’s divestment program and sell off nearly US$27 billion in assets in order to pay its debts.

Petrobras officials reacted to the news by issuing a statement in which they pledge to continue to push for the program. “Petrobras is studying new ways to continue with its divestment program, in accordance with current legislation while following the limits set by this decision,” the company said.

Live Company IntelligencePetroleo Brasileiro Petrobras SA ADR — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.

Rio Times · Live Ticker Intelligence

Petroleo Brasileiro Petrobras SA ADR

PETR4 · B3 São PauloEnergyOil & Gas Integrated

Share price · live

$38.06

▼ -1.01% today

Market cap

$105.0 bn

3.7 bn shares

P / E

5.2

EPS 3.12

Dividend yield

18.1%

$2.99 / share

The company

Employees

43,199

Headquarters

Rio De Janeiro

Listed since

2000

Website

petrobras.com.br

Petróleo Brasileiro S.A. – Petrobras explores, produces, and sells oil and gas in Brazil, China, the United States, the Americas, Asia, Europe, Singapore, and internationally. It operates through three segments: Exploration and Production; Refining, Transportation & Marketing; and Gas & Low Carbon Energies. The Exploration and…

Financial performance · FY · USD

RevenueNet income

2023

$105.5 bn

$25.7 bn

2024

$91.4 bn

$7.5 bn

2025

$89.2 bn

$19.7 bn

Net income declined to $19.7 bn in 2025, from $25.7 bn in 2023.

Valuation & returns

EBITDA margin

40.9%

Net margin

21.6%

Return on equity

25.6%

Price / book

1.23

Enterprise value

$162.7 bn

Revenue growth · YoY

+0.4%

Latest earnings

Q1 2026 — reported EPS 0.96 vs 0.99 expected

Missed −3%

Peers & comparators

IBOV

▲ +0.76%

USD/BRL

▼ -0.04%

BRENT

▼ -3.53%

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