Petrobras raises 2026 cash flow outlook to $45B–$50B

Accepted by SEC EDGAR 11/10/2026 - 07:17 PM EST

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Form Type

6-K

Rhea-AI Filing Summary

PETROBRAS raised its 2026 total oil and gas production projection from 3.1 million boed to 3.3 million to 3.4 million boed, and its oil and NGL projection from 2.5 million bpd to 2.7 million to 2.8 million bpd. Commercial oil and gas production is projected at 2.9 million to 3.0 million boed, compared with 2.8 million boed.

Implementation Portfolio Capex is projected at US$24 billion to US$25.5 billion, versus US$19.4 billion; cash investment is projected at US$21 billion to US$22 billion, versus US$16.9 billion. PETROBRAS said higher investment does not raise total project costs and reflects foreign-exchange effects and better-than-planned execution. Operating cash flow is projected at US$45 billion to US$50 billion, up from US$35 billion. Manageable operating expenses are projected at US$24.2 billion to US$25.5 billion, while expenses per barrel produced are projected to fall 2% versus 2025 actual; lease payments are projected at US$11 billion to US$11.5 billion.

Filing Explained

Petrobras also revised projections for its combined Implementation and Evaluation Portfolios: 2026 total capex is now US$24 billion to US$25.5 billion, and cash investment is US$21 billion to US$22 billion; these remain projections, not reported spending already incurred.

Key Figures

Total oil and gas production: 3.3 million to 3.4 million boed Oil and NGL production: 2.7 million to 2.8 million bpd Total Capex (Implementation Portfolio): US$24 billion to US$25.5 billion +5 more

8 metrics

Total oil and gas production 3.3 million to 3.4 million boed 2026 new projection; previously 3.1 million boed

Oil and NGL production 2.7 million to 2.8 million bpd 2026 new projection; previously 2.5 million bpd

Total Capex (Implementation Portfolio) US$24 billion to US$25.5 billion 2026 new projection; previously US$19.4 billion

Cash Investment (Implementation Portfolio) US$21 billion to US$22 billion 2026 new projection; previously US$16.9 billion

Operating cash flow US$45 billion to US$50 billion 2026 new projection for the Total Portfolio; previously US$35 billion

Manageable operating expenses (GOG) US$24.2 billion to US$25.5 billion 2026 new projection; previously US$20.2 billion

Lease payments US$11 billion to US$11.5 billion 2026 new projection; previously US$10 billion

Manageable operating expenses per barrel produced 2% reduction Projected compared with the actual figure for 2025

Key Terms

boed, NGL production, Implementation Portfolio, manageable operating expenses (GOG), +1 more

5 terms

boed technical

"total oil and gas production attributable to Petrobras"

NGL production technical

"Oil and NGL production (million bpd)"

Implementation Portfolio financial

"total Capex in the Implementation Portfolio"

manageable operating expenses (GOG) financial

"projection for manageable operating expenses (GOG)"

FPSOs technical

"construction of Petrobras-owned FPSOs"

A FPSO is a ship-like facility that produces, processes and stores oil or gas at sea, then offloads it to tankers or pipelines. Think of it as a floating factory and storage tank that lets companies extract and sell offshore hydrocarbons without building a pipeline to shore. Investors watch FPSOs because they are large, long-term assets that drive production and cash flow but also carry construction, operating and regulatory risks that can affect a company’s revenue and project timelines.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is PETROBRAS's 2026 operating cash flow projection?

PETROBRAS raised its 2026 operating cash flow projection for the Total Portfolio from US$35 billion to US$45 billion to US$50 billion. The company said the revision reflects the new Brent price level and growth in oil and refined product production.

Why did PETROBRAS raise its 2026 investment projections?

The company attributed the higher investment projection mainly to foreign-exchange effects and better-than-planned project execution, including faster construction of company-owned FPSOs for Búzios, Atapu and Sépia, greater rig availability, and more well tie-ins. Cash investment projections also take into account signing-bonus payments scheduled for December for ANP auctions held in October.

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Form 6-K: How Foreign Companies Report to the SEC →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of November, 2026

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 9th floor
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

Petrobras updates 2026 operational and financial projections

—

Rio de Janeiro, November 10, 2026 – Petróleo Brasileiro S.A. – Petrobras announces that it has raised its 2026 production projections. The estimate for total oil and gas production attributable to Petrobras has increased from 3.1 million boed to a range of 3.3 million to 3.4 million boed. The projection for oil and NGL production has increased from 2.5 million bpd to a range of 2.7 million to 2.8 million bpd.

The revision reflects the company’s consistent progress in operational efficiency, with significant gains from investments made in recent years in maintenance and asset integrity, as well as optimized reservoir management, increased nominal production capacity at certain projects, accelerated platform ramp-ups and the bringing forward of first oil from P-79 in Búzios. Taken together, these factors strengthen the production growth trajectory and increase the value captured from the company’s assets.

New production projections

Production	2026 Projection*	New 2026 Projection
Oil and NGL production (million bpd)	2.5	2.7 – 2.8
Commercial oil and gas production (million boed)	2.8	2.9 – 3.0
Total oil and gas production (million boed)	3.1	3.3 – 3.4

(*) +/- 4%

The 2026 projection for total Capex in the Implementation Portfolio has been revised from US$ 19.4 billion to a range of US$ 24 billion to US$ 25.5 billion, while the projection for cash investments in the Implementation Portfolio has increased from US$ 16.9 billion to a range of US$ 21 billion to US$ 22 billion. The updated guidance does not represent an increase in the total costs of the projects.

The higher investment level is mainly associated with foreign exchange effects and better-than-planned project execution. Notable factors include faster-than-expected progress in the construction of Petrobras-owned FPSOs for the Búzios, Atapu and Sépia fields; greater rig availability, with most rigs allocated to Búzios projects; and an increase in the number of well tie-ins. These factors have contributed to production growth. In addition, Capex was affected by the projected localization of the Búzios 9 and 10 platforms in 2026, while the revised cash investment projection takes into account the payment, scheduled for December, of the signing bonuses for the ANP (National Agency of Petroleum, Natural Gas and Biofuels) auctions held in October.

The 2026 estimate for operating cash flow, based on the Total Portfolio, has also been updated, increasing from US$ 35 billion to a range of US$ 45 billion to US$ 50 billion, reflecting the new Brent price level and growth in oil and refined product production.

The 2026 projection for manageable operating expenses (GOG) has increased from US$ 20.2 billion to a range of US$ 24.2 billion to US$ 25.5 billion. This revision is mainly due to foreign exchange effects; higher oil and gas production, including expenses associated with bringing forward P-79; and higher logistics costs, particularly because of the exceptionally high freight rates in 2026 and the increase in volumes transported. Despite this revision, manageable operating expenses per barrel produced will remain competitive, with a projected 2% reduction compared with the actual figure for 2025.

www.petrobras.com.br/ir

For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ.

Tel.: 55 (21) 3224-1510/9947

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.

The 2026 estimate for lease payments has also been revised, from US$ 10 billion to a range of US$ 11 billion to US$ 11.5 billion. This reflects increased production and the acceleration of E&P projects, which require more rigs and support vessels, as well as a larger fleet of oil export tankers.

The new projections are based on information currently available to the company. Statements and information about the company’s future contained in this Material Fact should not be construed as guarantees or promises of performance, as they are subject to risks and uncertainties associated with the economic, regulatory and competitive conditions of the countries in which Petrobras operates, as well as its strategic and operational decisions.

Information about the company’s projections, including their monitoring and revision, will be included in the Reference Form. The form will be updated in due course in accordance with applicable regulations and made available on the Brazilian Securities and Exchange Commission (CVM) (www.cvm.gov.br), B3 S.A. – Brasil, Bolsa, Balcão (www.b3.com.br), and Petrobras’ Investor Relations websites.

New financial projections

CAPEX (US$ billion)	2026 Projection*	New 2026 Projection
Total Capex (Implementation + Evaluation Portfolios)	20.5	24 – 25.5
Total Capex (Implementation Portfolio)	19.4	24 – 25.5
E&P Capex (Implementation Portfolio)	14.8	20 – 21.3
RTC Capex (Implementation Portfolio)	3.2	3,0 – 3.2
Cash Investment (Implementation + Evaluation Portfolios)	18	21 – 22
Cash Investment (Implementation Portfolio)	16.9	21 – 22
SOURCES AND USES (US$ billion)	2026 Projection	New 2026 Projection
Operating cash flow	35	45 – 50
Lease payments	10	11 – 11.5
OTHER METRICS	2026 Projection	New 2026 Projection
GOG – Manageable Operating Expenses (US$ billion)	20.2	24.2 – 25.5

(*) +/- 5%

www.petrobras.com.br/ir

For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ.

Tel.: 55 (21) 3224-1510/9947

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 10, 2026

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer

Source: View Original Filing on SEC EDGAR