Petrobras (PETR4) Status Update summary

Recent performance and production growth

• Achieved 11% year-over-year production growth, reaching 2.15 million barrels per day in 2024 and targeting 2.4 million by end-2025.

• Oil production forecast for 2025 is around 2.4 million bpd, with a 12% increase in three years.

• FPSO Almirante Tamandaré ramped up ahead of schedule, increasing certified capacity to 270,000 barrels per day.

• Expanded S10 low-sulfur diesel and natural gas processing, supporting fertilizer projects.

• Additional 100,000 barrels per day generates $2.5 billion in revenue.

Strategic investment and production outlook

• $109 billion investment planned over five years, with over 70% allocated to E&P projects.

• Oil production expected to peak at 2.7 million barrels per day in 2028, maintaining 2.6 million through 2034.

• Targeting 3.4 million barrels of oil equivalent per day in 2028, with sustained output through 2034.

• Focus on new exploration frontiers to renew reserves and maintain energy security.

• Gas supply to grow with new projects and higher availability in the Santos Basin.

Financial discipline and cost optimization

• Implemented measures to optimize costs, targeting $12 billion in manageable OpEx savings between 2025-2030.

• Break-even Brent reduced from $82 in 2025 to $59 in 2026, supporting resilience in low-price scenarios.

• CapEx for 2026 and 2027 set at $19.4 billion and $21 billion, respectively, with flexibility to adjust based on market conditions.

• Average annual reduction in manageable operating expenses of 8.5% versus the previous plan.

• Inventory management and contract renegotiations contribute to cost control.