PETROBRAS - PETROLEO BRASILEIRO SA SEC Filings

Petrobras reported a favorable ruling by Brazil’s Superior Court of Justice, which upheld the company’s appeal in its dispute with Paragon Offshore Nederland B.V. and ordered a new trial in the Rio de Janeiro Court of Justice.

The company lists the lawsuit’s estimated value at R$ 2.9 billion, and states that R$ 154 million has been provisioned. The decision overturns the prior ruling and sends the case back for retrial, meaning there is no final outcome yet. Petrobras said additional material facts on the matter will be disclosed in a timely manner.

This update signals a procedural win that resets the legal process and could affect potential liabilities depending on the new trial’s result.

Petrobras reported a production milestone at the Búzios field as the FPSO Almirante Tamandaré reached an instantaneous flow of 270,000 barrels of oil per day on October 25. Earlier, on October 9, the platform’s daily output exceeded 250,000 barrels, above its nominal capacity of 225,000 bpd. The unit, chartered from SBM Offshore, was engineered to allow up to 270,000 bpd at certain times without additional work, following rigorous safety and regulatory approvals.

The Almirante Tamandaré, part of the Búzios 7 Project, supports Petrobras’ plan for the field to reach 1 million barrels per day by the end of this year. The project, including subsea pipelines and wells, is set to receive the OTC Brasil Distinguished Achievement Award for Companies.

Petrobras (PBR) announced that its Board approved a new Voluntary Severance Program (PDV) for eligible employees of the parent company who are currently active and retired under Brazil’s Social Security System (INSS) prior to Constitutional Amendment No. 103/2019.

The program targets approximately 1,100 employees, with terminations expected to occur throughout 2026. Petrobras describes the PDV as a personnel management tool to support career transition and gradual workforce renewal, using knowledge management to preserve operational continuity and safety. The company states the initiative follows internal governance and is aligned with its Business Plan. The financial impact will be recognized in the financial statements as participation is confirmed.

Petrobras (PBR) reports a production milestone at the FPSO Almirante Tamandaré in the Búzios field. The unit reached a record instantaneous flow of 270,000 barrels of oil per day (bpd), with October’s average exceeding 250,000 bpd. The platform’s nominal capacity is 225,000 bpd, and it was designed to allow up to 270,000 bpd at certain times without additional works.

The FPSO, chartered from SBM Offshore, is part of the Búzios 7 Project. Petrobras states this sixth system will help the Búzios field reach 1 million bpd by the end of this year. The company attributes the higher output to efficiency actions conducted under strict safety protocols and with regulatory approvals. The Búzios 7 Project will receive the OTC Brasil Distinguished Achievement Award for Companies this week.

Petrobras reported strong 3Q25 operating performance. Total production of oil, NGL and natural gas reached 3.14 MMboed, up 7.6% versus 2Q25 and 16.4% versus 3Q24, driven by peak output at FPSO Almirante Tamandaré in Búzios and higher capacity at FPSO Marechal Duque de Caxias in Mero, plus ramp-ups at Maria Quitéria, Anita Garibaldi, Anna Nery and Alexandre de Gusmão. Total operated production hit a record 4.54 MMboed. Oil exports set a record at 814 Mbpd.

Refining remained robust with a 94% utilization factor and oil products output of 1,790 Mbpd; higher value-added products were 69% of volume. Domestic oil products sales were 1,804 Mbpd, with diesel up 12.2% and S10 diesel at 67.8% of the quarter. P-78 arrived at Búzios with 180 Mbpd oil capacity and 7.2 MMm³/d gas compression; first oil is scheduled for 4Q25. Almirante Tamandaré reached 225 Mbpd on Aug 14 and 250 Mbpd on Oct 9, as authorized. Natural gas sales were 46 MMm³/d (+7.0% q/q). 9M25 GHG emissions (O&G) were 35.03 Mt CO₂e versus 32.4 in 9M24, while E&P intensity held at 14.8 kgCO₂e/boe.

Petrobras reported it secured both blocks it bid for in Brazil’s 3rd Cycle of the ANP Permanent Production Sharing Offer, expanding its position in the Campos Basin. The company will operate the Jaspe block with a 60% stake alongside Equinor at 40%, and fully acquired the Citrino block with a 100% stake.

The signing bonus payable in March 2026 totals R$ 37,029,860.78, including R$ 31,340,425.45 tied to Jaspe and R$ 5,689,435.33 tied to Citrino. The ANP awarded blocks based on the percentage of surplus oil for the Federal Union, which was 32.85% for Jaspe and 31.19% for Citrino. Petrobras stated the awards align with its long-term strategy in ultra-deepwater operations and enhance reserve replenishment. The company added nearly 2,300 km² of exploratory area to its portfolio.

Petrobras signed an Expenses and Volumes Equalization Agreement (AEGV) with PPSA tied to the Jubarte pre-salt shared reservoir and will pay R$ 1.54 billion in a single installment by the end of October.

Of this amount, R$ 1.47 billion was already provisioned in the company’s 2Q25 financial statements, indicating most of the impact was recognized earlier. The AEGV stems from the Production Individualization Agreement (AIP) approved by Brazil’s ANP, which defined the proportional shares of each company in the reservoir.

Petrobras notes that equalization covers revenues, investments, operating expenses, royalties, and special participation for the period from August 6, 1998 to July 31, 2025. Negotiations with Argonauta Field partners—Shell Brasil, Enauta (Brava), and ONGC Campos—are ongoing and will be disclosed upon conclusion.

Petróleo Brasileiro S.A. – Petrobras filed a report stating it will release its 3Q25 Production and Sales Report on October 24, 2025 and its 3Q25 Financial Results on November 6, 2025, both after markets close. On November 7, 2025, the company will host a webcast to present third-quarter 2025 results, offered in Portuguese with simultaneous English translation. The webcast is scheduled for 11:30 a.m. Brasília time, 9:30 a.m. New York time, and 2:30 p.m. London time, and investor relations contact details and website links are provided for further information.

Petróleo Brasileiro S.A. – Petrobras is paying the second installment of shareholder remuneration related to its March 31, 2025 balance sheet. The gross amount distributed is R$ 0.45458309 per outstanding common and preferred share, with R$ 0.30844749 as dividends and R$ 0.14613560 as interest on equity.

The payment is made on September 22, 2025 via Banco Bradesco for book-entry shares and via brokers for shareholders with custody in B3. Holders of ADRs on the NYSE will receive payment from JP Morgan Chase starting September 29, 2025. Rights not claimed within three years from September 22, 2025 will lapse and revert to Petrobras.