Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A., or Petrobras S.A., is the largest integrated energy firm in Brazil and one of the largest in Latin America. The company’s activities include: exploration, exploitation and production of oil from reservoir wells, shale and other rocks, as well as refining, processing, trading and transportation of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities. The company operates in five segments:

Exploration and Production (E&P): This segment – which makes up 35% of Petrobras' total sales – includes the company’s domestic E&P operations, mostly located in the offshore Campos Basin, which is Brazil's largest oil region and is one of the most prolific oil and gas areas in South America.

Refining, Transportation and Marketing: This segment (57%) houses the company’s domestic refining, transportation and marketing assets. Petrobras owns and operates 12 refineries in Brazil and 3 refineries outside Brazil.

Distribution: This segment is engaged in the distribution of oil products, fuel alcohol, and natural gas to retail, commercial, and industrial customers throughout Brazil.

Gas and Power: This segment is engaged in gas transmission and distribution, electric power generation using natural gas and renewable energy sources and biofuels operations in Brazil. Petrobras has a total of 7,028 megawatts (MW) of installed capacity.

Biofuels: The unit deals with renewable energy programs, including biodiesel, agricultural supplies, vegetable oil extraction and ethanol. Petrobras provides more than 10% of Brazil’s biodiesel and also acts as a market catalyst by securing and blending biodiesel supplies and providing these to smaller distributors in addition to the company’s own service stations.

At the end of 2022, Petrobras had net debt of $41,516 million. The company ended the year with cash and cash equivalents of $7,996 million. For full-year 2022, free cash flow was up 28% to $40,136 million.