Mercado financeiro: desempenho da Petrobrás no período de 2019 a 2023: um estudo de caso

Abstract

The study analyzed Petrobras’ economic and financial performance between 2019 and 2023, a period chosen for its intense economic volatility, strategic shifts within the company, and the strong impact of external events—such as the Covid-19 pandemic—that directly influenced its performance and the Brazilian financial market. The research examined fluctuations in the company’s stock prices, dividend policy, and strategic management decisions, as well as their effects. Using a quantitative, descriptive, documentary, and bibliographic approach, the study was based on Petrobras’ reports, data from B3, IBGE, and the Central Bank of Brazil, in addition to books and academic articles on economics and corporate governance. The results indicated that Petrobras played a decisive role in the financial market, particularly due to the appreciation of its shares and the substantial dividend distribution in 2021 and 2022, which increased liquidity and attracted investors. However, political instability and frequent changes in the company’s presidency generated uncertainty and volatility in its market value. Strategies such as asset divestments and the international price parity policy strengthened profitability and reduced indebtedness, but also limited productive investment and job creation. At the macroeconomic level, Petrobras’ performance directly influenced public revenue, foreign capital inflows, and GDP growth, confirming its importance for the country’s economic development. Finally, the case study concludes that although the period consolidated Petrobras as a strategic agent for the Brazilian economy and the capital market, it remains essential to strengthen corporate governance and adopt sustainable policies that reduce political interference and promote investment in innovation and energy transition.