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Petróleo Brasileiro S.A. – Petrobras delivered solid 2025 performance despite a sharp drop in Brent prices. Adjusted EBITDA excluding one-off events reached US$ 43.8 billion, while net income on the same basis was US$ 18.1 billion, slightly below 2024 as lower oil prices offset higher production.
Operating cash flow was US$ 36.0 billion and free cash flow US$ 16.5 billion, supporting investments, debt service and shareholder returns. Capex rose to US$ 20.3 billion, up 22.2%, driven mainly by pre-salt development and new FPSOs such as P-78 and Almirante Tamandaré. Gross debt increased to US$ 69.8 billion and net debt to US$ 60.6 billion, with net debt/last‑twelve‑month adjusted EBITDA at 1.42x, indicating moderate leverage as the company funds growth and large offshore projects.
Petróleo Brasileiro S.A. – Petrobras reported strong 2025 operating and financial performance despite a 14% drop in Brent prices to US$ 69.1/bbl. Net income rose sharply from US$ 7.5 billion in 2024 to US$ 19.4 billion, a 161% increase, while operational cash flow was slightly lower at US$ 36.0 billion.
Commercial oil and gas production in Brazil grew 11% to 2,990 Mboed, driven by new FPSOs and efficiency gains. CAPEX reached US$ 20.3 billion, with 84% directed to Exploration & Production. The company achieved its highest proven reserves level in a decade, with a fully organic reserve replacement ratio of 175%. Petrobras distributed R$ 45.2 billion in dividends in 2025 and paid R$ 277.6 billion in taxes, while also recording export and downstream utilization records and advancing low‑carbon products, natural gas monetization, and corporate governance initiatives.
Petrobras plans to distribute shareholder remuneration related to the fourth quarter of 2025 totaling R$ 8.1 billion, subject to approval at the Annual General Meeting on April 16, 2026. If approved, shareholder remuneration for the 2025 fiscal year will reach R$ 41.2 billion, after deducting R$ 0.6 billion of Selic-rate adjustments on early dividends and interest on equity.
The proposal follows the company’s policy to distribute 45% of free cash flow when gross debt is at or below the strategic-plan ceiling. Holders of shares on B3 as of April 22, 2026 will be entitled to receive R$ 0.62622908 per share, paid in two installments in May and June 2026, with amounts updated by the Selic rate. ADR holders will have an April 24, 2026 record date, with payments on May 28 and June 29, 2026.
PETROBRAS - PETROLEO BRASILEIRO SA executive Renata Faria Rodrigues Baruzzi Lopes, the Chief Engineering Officer, filed an initial ownership report showing 1,687.05 phantom shares. These phantom shares are tied to the PETR3 common share price, vest in four equal annual installments, are settled in cash, and receive additional credits when dividends or interest on equity are paid.
Petróleo Brasileiro S.A. – Petrobras details nominations to its Board of Directors and Fiscal Council ahead of the 2026 Shareholders’ General Meeting. The controlling shareholder proposes a slate of board members, mostly reappointments, including the chair, along with several candidates for the Fiscal Council.
Minority shareholders nominate alternative candidates for the board in the event of cumulative voting and separate elections, as well as members and alternates for the Fiscal Council tied to common and preferred shares. An employees’ representative has been elected to the board for the 2026–2028 term.
All nominees will undergo Petrobras’ internal governance process, including analysis of legal, management, and integrity requirements, with review by the Eligibility Committee and the Board of Directors. The minutes of these reviews will be made available on the company’s investor relations website and at the Brazilian securities regulator.
Petróleo Brasileiro S.A. – Petrobras is inviting investors and the market to a webcast presentation of its 2025 fourth-quarter (4Q25) results. The event will take place on March 6, 2026, at 11:30 a.m. Brasília time, with corresponding times of 9:30 a.m. in New York and 2:30 p.m. in London.
The presentation will be conducted in Portuguese with simultaneous English translation, and access links will be provided via the company’s investor relations website. The notice also includes a standard cautionary statement regarding forward-looking information made by the company’s officers.
Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors has decided not to exercise its Preemptive Rights and Tag Along Rights in connection with a potential transaction involving the transfer of shares of Braskem S.A. held by NSP Investimentos S.A., a Novonor subsidiary, to Shine I FIDC. The Executive Board is authorized to take the necessary measures to implement this decision, and Petrobras states that any material facts, including when it receives the final terms of the transaction, will be promptly disclosed to the market.
Petróleo Brasileiro S.A. – Petrobras will pay on February 20, 2026 the first installment of shareholder remuneration related to the 2025 fiscal year, based on the September 30, 2025 balance sheet and shareholder position on December 22, 2025.
This installment for common and preferred shares will be paid as interest on capital, at R$ 0.47160378 per share, plus a Selic rate monetary adjustment of R$ 0.00892089 per share, for a total of R$ 0.48052467 per share.
Payments will be processed by Banco Bradesco for local shareholders, by B3 deposit brokers for custodial accounts, and by JP Morgan Chase for ADR holders on the New York Stock Exchange, with ADR payments starting February 27, 2026.
Petrobras (PBR) reports record 2025 operational performance, led by pre-salt growth and stronger refining output. Total oil and gas production reached 2.99 million boe/day, up 11% from 2024 and above the upper end of guidance, with pre-salt oil at 2,020 thousand bpd.
Record operated production of 4.32 million boe/day and new FPSOs at Búzios and Mero drove volumes, while reserves grew by 1.7 billion boe, giving a 175% reserve replacement rate and 12.5-year R/P ratio. Domestic oil product sales rose 1.6%, supported by diesel, gasoline, jet fuel and higher S-10 diesel penetration, and oil exports hit an annual record of 765 thousand bpd.
The refining system ran at a 91% utilization factor, added capacity at RNEST and REPLAN, and delivered several diesel and gasoline production records. Petrobras expanded low-carbon initiatives with SAF deliveries, renewable-content diesel and bunker fuels, and a renewables joint venture with Lightsource bp, while keeping E&P GHG intensity at 14.7 kgCO2e/boe, meeting its 2025 target.
Petróleo Brasileiro S.A. – Petrobras reports receiving an earnout payment of R$ 1.65 billion from partners in the Sépia and Atapu offshore fields, linked to fiscal year 2025.
The payment comes from TotalEnergies, PETRONAS and QatarEnergy in Sépia, and Shell and TotalEnergies in Atapu, each holding specific participation percentages. These earnout amounts were defined by Brazil’s Ministry of Mines and Energy and a 2021 bidding round, and are payable between 2022 and 2032 when the Brent oil price averages between US$ 40 and US$ 70 per barrel in a given year.