Petrobras. Investor Relations


See frequently asked questions and answers about our operations and the capital market.


Where are the shares of Petrobras listed?

In Brazil, on [B]³; in the United States, on the New York Stock Exchange (NYSE) and in Spain on Latibex.

What is the Petrobras stock code?

On [B]³, Petrobras shares are traded through the PETR3 (common shares – ON) and PETR4 (preferred shares – PN) codes.

On international exchanges, common and preferred shares are traded with the following codes: PBR and PBRA in the United States; and XPBR and XPBRA in Spain.

What is the difference between common and preferred shares?

The common share (ON – symbol on [B]³: PETR3) allows the exercise of voting rights at the Shareholders’ Meetings.

The preferred stock (PN – symbol on [B]³: PETR4) is not entitled to vote. As a compensation, holders of preferred shares are entitled to other benefits, among which we may highlight the right to receive their dividend as a priority and in the minimum percentages established in the Bylaws, provided that the Company determines a profit in the fiscal year.

How do I buy and sell stocks?

The negotiation must be done through brokerage firms, which execute the purchase and sale orders on [B]³. To find out about the banks or brokers registered on [B]³, please visit (

Can I negotiate shares safely through my bank?

Most large commercial banks have a broker authorized to operate in the financial market. However, by regulatory decision, the brokerage firm is an entity legally separated from the bank. When you “trade stocks through a bank,” you are actually trading through the bank’s broker. The rules that apply to these brokers are the same as to the others.

Who is the custodian of Petrobras shares?

Custody is the deposit (and related services) of bonds, securities and financial assets, such as shares, for example. The custodian registers the shares on behalf of whoever purchased them, securing their ownership. Petrobras shares may be directly held in custody with Banco Bradesco, the primary custodian of Petrobras, or with the Brazilian Clearing and Depository Corporation (CBLC), when the investment is made through a brokerage firm.

What is Petrobras' standard lot?

Usually, shares are traded according to a standard lot, in pre-fixed amounts determined by the stock exchange. In the case of Petrobras, the standard lot is 100 shares. There is, however, the possibility of trading a smaller number of shares than the standard lot, in the so-called fractional market, where Petrobras share codes are PETR3F and PETR4F.

How do I know my shareholder position?

Banco Bradesco, which is the managing agent of the Petrobras stock system, sends to the shareholder’s address the statement of its shareholding position, when there is a stock transaction, when there is payment of dividends and for the purposes of Income Tax reporting. Therefore, it is paramount that the shareholder updates his or her address in any Bradesco branch. In addition, the shareholder may, at any time, go to a Banco Bradesco branch and request a shareholder position statement of Petrobras.

More information can be obtained through the Banco Bradesco client service: 0800 701 1616

Shareholders who have purchased shares through a brokerage firm should consult their position with the institution through which the investments were made.

How can I change my mailing address related to my shares?

The registration data must be updated with Banco Bradesco, the depositary institution of Petrobras’ booked shares. To do so, simply visit any Banco Bradesco branch with your personal documents.

More information can be obtained through the Banco Bradesco client service: 0800 701 1616

Shareholders who have purchased shares through a brokerage firm should update their information with the institution through which the investments were made.

What is Petrobras’ dividend policy?

Petrobras has mandatory minimum dividends corresponding to 25% of the Adjusted Net Income. In addition, preferred shares are entitled to a minimum dividend of five percent (5%) calculated on the share of capital represented by this type of shares, or three percent (3%) of the stockholders’ equity value of the share – always prevailing the greater.

Moreover, if gross indebtedness, including lease commitments, exceeds US$ 60 billion, the Company may distribute to its shareholders the minimum mandatory dividends as defined above.

If gross indebtedness, including lease commitments, is less than US$ 60 billion, the Company may distribute to its shareholders 60% of the difference between the operating cash flow and investments: Compensation = 60% x (OCF – CAPEX). In this formula, the following are not considered as CAPEX: (a) proceeds from the sale of assets; (b) payments in the participation of bidding rounds for oil and natural gas upstream; and (c) payments relating to the acquisition of companies or equity interests.

Petrobras may also, in exceptional cases, pay extraordinary dividends, exceeding the annual amount set forth above.

Preferred shares shall participate, not cumulatively, on equal terms with common shares, in the distribution of dividends when they exceed the minimum percentage guaranteed to them.

Important: In order for the Petrobras shareholder to receive the dividends to which he or she is entitled, it is key that his or her registration data is kept updated, communicating to Banco Bradesco or the brokerage firm any change of address or bank account for dividend credit.

We also remind you that, according to the Brazilian Corporate Law, dividends are overdue in three years from the date they were made available to the shareholder.

How do I receive dividends and interest on shareholders’ equity?

For those shareholders whose shares are directly custodied at Banco Bradesco, dividends and interest on shareholders’ equity will be deposited right into their current account. If you have not received your dividends, your current account information is likely to be outdated. To update them, simply visit any Banco Bradesco branch with your personal documents.

Shareholders who have their investments in a brokerage firm will have their account credited within that institution.

What is an ADR?

American Depositary Receipt (ADR) is a certificate, issued by US banks, representing shares of a company outside the United States. Many Brazilian companies have their shares traded on the New York Stock Exchange (NYSE) through this instrument. The company gains visibility in the international market and may find it easier to raise funds abroad, through loans or even issuing new shares.

Petrobras ADRs are traded on the New York Stock Exchange with the PBRA (preferred shares) and PBR (common shares) codes.

For more information on ADR, visit the JP Morgan Chase Bank , who is the custody agent for these Petrobras securities in the US.

What is ADR/share ratio (ADR-ratio) and what is Petrobras’?

ADR-ratio is the number of shares represented by a single ADR. In the case of Petrobras ADRs (both for common and preferred shares), this ratio is 1:2 (one ADR is represented by two shares).

As a domestic investor, can I invest in ADRs?

Only investors who have an account abroad (individual or legal entity) can buy and sell ADRs. The opening of the account by a Brazilian citizen is lawful, provided it is reported and complies with the domestic tax rules. Sending money abroad can only be done through financial institutions accredited to operate foreign exchange and, if the amount exceeds US$ 10,000, the Central Bank of Brazil must be informed.

Who is the depositary bank for the ADRs of Petrobras?

The depositary of the Petrobras ADR program on the NYSE is JP Morgan Chase Bank. As depositary, JP Morgan Chase Bank is the one who issues the ADR, keeps the owners’ register, books the trades and distributes the dividends in US dollars to the ADR holders.

More information about the Petrobras ADR program can be obtained directly through the depositary bank:

Last updated on April 3, 2020.