Petróleo Brasileiro S.A. – Petrobras approved its 2026-2030 Business Plan, projecting total investments of US$ 109 billion, with US$ 91 billion in its Implementation Portfolio and US$ 18 billion under evaluation. The company aims to keep oil and gas as its core business while expanding into low-carbon areas such as petrochemicals, fertilizers and biofuels, targeting operational emissions neutrality by 2050.
The plan allocates US$ 69.2 billion to Exploration and Production, with 62% in the Pre-Salt, and targets a peak oil output of 2.7 million bpd and peak total production of 3.4 million boed in 2028-2029. Petrobras expects an average Total Cost of Produced Oil of US$ 30.4/boe from 2026 to 2030 and projects around US$ 12 billion in operating cost savings through efficiency measures.
Refining, logistics, petrochemicals and fertilizers receive US$ 15.8 billion, while gas and low-carbon energies receive US$ 4 billion, with US$ 13 billion dedicated to energy transition initiatives. Finance assumptions include a gross debt limit of US$ 75 billion, converging to US$ 65 billion, a minimum cash balance of US$ 6 billion, and estimated ordinary dividends between US$ 45–50 billion over 2026-2030.
Petróleo Brasileiro S.A. – Petrobras is redeeming US$ 344,167,000 aggregate principal amount of its 8.750% Global Notes due 2026 through its wholly owned subsidiary Petrobras Global Finance B.V. on December 29, 2025. The redemption price will be the greater of 100% of the principal or a make-whole amount based on the present value of remaining payments, in each case plus accrued interest from November 23, 2025 to, but not including, the redemption date. Payment will be routed through The Bank of New York Mellon as trustee and then to The Depositary Trust Company. After the redemption, interest will stop accruing, the notes and Petrobras’s related guaranty will be cancelled, and Petrobras plans to fund the transaction using available cash on hand.
Petróleo Brasileiro S.A. – Petrobras announced it will host a webcast on November 28, 2025 to present its new 2026–2030 Business Plan (BP 2026-30). The plan will be deliberated by the Board of Directors on November 27, 2025, and the webcast will feature the company’s Executive Board.
The event will be presented in Portuguese with simultaneous translation into English. It is scheduled for 4:30 p.m. Brasília time, 2:30 p.m. in New York, and 7:30 p.m. in London, with separate online access links for each language provided through Petrobras’ investor relations channels.
Petróleo Brasileiro S.A. – Petrobras reports that it is paying today the first installment of shareholder remuneration declared based on its June 30, 2025 balance sheet. The gross amount to be distributed is R$ 0.33596205 per common and preferred share, fully classified as interest on equity, a form of remuneration commonly used by Brazilian companies.
The payment is being processed by Banco Bradesco S.A. for book-entry shareholders, with credits made directly to bank accounts for investors with updated records, and via deposit brokers for those holding shares through B3. Holders of ADRs traded on the NYSE will receive payment from JP Morgan Chase starting on December 1, 2025. Any rights not claimed within three years from November 21, 2025 will expire and revert to Petrobras under Brazilian corporate law.
Petrobras (PBR) reports that from January to September 2025 it paid a total of R$ 199.6 billion in taxes and government take in Brazil. This includes R$ 132.3 billion in taxes from its own operations, R$ 46.9 billion in government take, and R$ 20.4 billion in taxes withheld from third parties.
Federal-related payments reached R$ 114.8 billion, combining R$ 67.9 billion in federal taxes and R$ 46.9 billion in government take, representing about 5.5% of total federal tax collection, with cumulative amounts described as stable versus the prior year. States received R$ 83.3 billion, about 13.6% of total ICMS and 7.6% higher than the same period in 2024, mainly driven by higher sales of gasoline, diesel and LPG under single-phase ICMS. Municipalities received R$ 1.5 billion in ISS, taxes withheld from third parties and IPTU. Over the last four quarters, Petrobras reports R$ 267.6 billion paid in taxes and government take, and notes that it accounts for more than 10% of ICMS collections in 20 Brazilian states.
Petrobras reported mixed nine-month 2025 results, with higher profit but weaker operating metrics. Sales revenues were US$ 65,587 million, down 7.1% from US$ 70,601 million a year earlier, as lower Brent prices reduced margins across segments. Net income attributable to shareholders rose to US$ 16,735 million from US$ 10,308 million, mainly driven by a swing to US$ 3,034 million in net finance income, helped by a stronger Brazilian real.
Adjusted EBITDA declined 5.5% to US$ 31,416 million and free cash flow fell to US$ 12,948 million from US$ 19,552 million as capex increased 28.6% to US$ 14,006 million, focused on pre-salt projects. Net cash provided by operating activities decreased 13.1% to US$ 25,885 million. Net debt rose 13.0% to US$ 59,053 million and gross debt 17.2% to US$ 70,711 million, while the Net Debt/LTM Adjusted EBITDA ratio moved to 1.53 from 1.29.
Operationally, total production grew 8.4% to 2,950 mboed, supported by new FPSOs in the Santos and Campos basins. Refining and gas and low carbon segments saw lower gross profit due to weaker international margins and lower natural gas prices, despite slightly higher domestic sales volumes and higher domestic gas supply.
Petróleo Brasileiro S.A. – Petrobras reports a new oil discovery in the post-salt section of Brazil’s Campos Basin, in the Sudoeste de Tartaruga Verde block. An exploratory well, 4-BRSA-1403D-RJS, about 108 km off the coast of Campos dos Goytacazes at 734 meters water depth, confirmed an oil-bearing interval using logs, gas shows, and fluid samples. These samples will be analyzed in laboratories to better understand the reservoir and fluid characteristics, which will support further evaluation of the block’s production potential. Petrobras operates this block with 100% participation under a production-sharing contract managed by Pré-Sal Petróleo S.A. (PPSA).
Petrobras (PBR) clarified media reports, stating its Business Plan 2026–2030 remains under review and approval. The Board of Directors, which is responsible for approval, will evaluate the proposed plan at a meeting scheduled for 11/27/2025.
Once the drafting and approval process is concluded, the plan will be promptly disclosed to the market, according to the company’s investor relations update.
Petrobras (PBR) reported stronger year-to-date results. For the nine months ended September 30, 2025, sales revenues were $65.6 billion versus $70.6 billion a year ago, while net income rose to $16.8 billion from $10.4 billion. In Q3 2025, revenue was $23.5 billion (slightly above Q3 2024) and net income reached $6.1 billion. The earnings improvement was supported by lower finance expenses and significant foreign exchange gains, which turned net finance from a loss last year to income this year.
Cash and cash equivalents increased to $9.0 billion from $3.3 billion at year-end 2024. Operating cash flow was $25.9 billion, funding $12.9 billion of capital additions and $6.6 billion in dividends. Total finance debt rose compared to year-end, and lease liabilities increased as new production assets came online. Equity climbed to $79.9 billion, helped by profits and hedge-related other comprehensive income. Decommissioning obligations increased to $30.4 billion. Petrobras settled the EIG dispute for $283 million, ending that litigation, and received favorable developments in certain legal matters abroad.
Petróleo Brasileiro S.A. – Petrobras furnished a Form 6‑K with interim results through September 30, 2025. Consolidated Q3 2025 sales revenues were R$127,906 million, gross profit R$61,117 million, and net income R$32,847 million. Year‑to‑date, sales revenues reached R$370,178 million and net income R$94,952 million. Diluted earnings per share for ordinary and preferred shares were R$2.54 in Q3 and R$7.34 for Jan–Sep 2025.
Operating cash flow for Jan–Sep was R$145,417 million, with investing cash flow of R$(50,737) million and financing cash flow of R$(64,532) million. Cash and cash equivalents ended at R$47,675 million. The company paid R$37,127 million in dividends during the period and recorded net finance income of R$17,483 million. By segment for Jan–Sep, Exploration & Production contributed strongly to earnings, with consolidated depreciation, depletion and amortization totaling R$62,317 million.