By Leticia Fucuchima and Fabio Teixeira
SAO PAULO/RIO DE JANEIRO (Reuters) -Brazil's Petrobras expects annual capital expenditures to be between the midpoint and top of its current estimates, as it rolls
out investments faster than expected, the state-run oil company's chief financial officer said on Friday.
After investing $5.5 billion in the third quarter, Petrobras' cumulative capex for the first nine months of 2025 reached $14 billion. It plans investments of $18.5 billion in 2025, with possibly 10% more to the upside or downside.
By speeding up its investments, the firm is generating value for shareholders, Petrobras CFO Fernando Melgarejo said in a call with analysts, adding that there is little room to maneuver in planned investments for next year, when the company plans to invest around $19.6 billion.
"Basically, 90% of the projects are already contracted," he said, adding that there is greater flexibility after 2026.
Petrobras executives repeatedly have highlighted the need to cut costs, as lower Brent oil prices prompt reviews of projects.
The company spent 15% above its guidance in 2024 because it brought forward investments expected for this year, Petrobras Chief Executive Magda Chambriard said in February.
Petrobras has been known for investing less than it planned in its five-year strategic plans, something Chambriard has sought to change since she became chief executive officer last year, saying the firm's investments had to reflect its guidance.
The company is set to unveil its strategic plan for the 2026-2030 period on November 27. The current 2025-2029 plan set capex of $111 billion for the period.
(Reporting by Leticia Fucuchima in Sao Paulo and Fabio Teixeira in Rio de Janeiro; Writing by Fernando Cardoso; Editing by Natalia Siniawski and Paul Simao)
