Petrobras workers went on strike on December 17, 2025, and the union FUP reports that the walkout has now spread to every offshore oil platform in the Campos basin.
The strike targets the company’s primary production assets, including the pre‑salt fields that account for roughly 81 % of Petrobras’ total production and generate the majority of its revenue and cash flow. A sustained shutdown could reduce output, compress operating cash flow, and threaten the company’s ability to meet its dividend commitments.
Petrobras posted a net profit of R$32.7 billion (US$6 billion) and operating cash flow of R$53.7 billion (US$9.9 billion) in the third quarter of 2025, compared with a net profit of R$32.6 billion (US$5.66 billion) and recurring EBITDA of R$64.4 billion (US$11.2 billion) in the same quarter of 2024. The pre‑salt contribution has remained a key driver of the company’s financial performance, and any interruption in that segment could materially affect the year‑end results.
Workers are demanding a 9.8 % wage increase, while Petrobras has offered an inflation adjustment plus a 0.5 % real increase, equivalent to a 5.66 % total rise. The dispute centers on a deficit in the retirement fund and a push for changes to the employee compensation structure.
Petrobras has said it has activated contingency teams to maintain operational continuity and ensure market supply, but the company acknowledges that the strike poses a significant operational risk that could impact earnings and dividend payments in the coming quarters.
Analysts have noted that Petrobras’ Q3 2025 results were strong, with a net profit of R$32.7 billion and a dividend of $12.2 billion, but the strike introduces uncertainty that could affect the company’s ability to sustain its high dividend yield of 14.26 % reported in August 2025.
If the walkout continues, Petrobras may need to adjust its capital allocation, delay investment in pre‑salt projects, and potentially revise its dividend policy to preserve cash flow, all of which would alter the company’s long‑term growth trajectory.
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