In their operations, publicly traded companies must communicate with their investors and the entire financial community. To do this, they must strategically articulate their narratives in such a way that they jointly meet the company s disclosure needs and the market s information needs, in a symmetrical manner. For a state-owned fossil fuel company, due to the inherent characteristics of its corporate composition and the segment in which it operates, the communication challenges can be even greater. The aim of this study is to analyze the official communications of Petrobras Investor Relations department in order to understand: (1) which main themes emerge from the narratives and (2) how the themes are articulated and applied narratively to enable strategic sensemaking for its investors. The research was qualitative with an interpretivist paradigm. The research design used was a case study. The unit of analysis was the investor relations department of the company studied. The research corpus comprised public material from 2012 to 2022, available on the company s investor relations website. The data used is public data and comes from documentary sources. The data collected was analyzed using Riessman s (2008) thematic narrative analysis method and the operationalization of the thematic analysis was carried out according to the methodology proposed by Braun and Clarke (2021). Nine thematic axes present in Petrobras communication with its investors were identified and mapped: Petrobras Protagonist, Petrobras Competitive, Petrobras Responsible, Petrobras Achiever, Petrobras - Factors Out of Control, Petrobras Brazil, Petrobras Confident, Petrobras Resilient and New Petrobras.