Petroleo Brasileiro S.A. Petrobras SEC Filings

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.

Petrobras (PBR) reported stronger 3Q25 operating performance. Adjusted EBITDA was $11.7 billion (up 26.9% vs 2Q25) and, excluding one-off events, reached $12.0 billion. Net income was $6.0 billion and $5.2 billion excluding one-offs, supported by higher production and exports and modestly higher Brent.

Sales revenues were $23.5 billion. Operating cash flow was $9.9 billion and free cash flow was $5.0 billion. Capex totaled $5.5 billion, mainly in pre-salt FPSOs at Búzios, Atapu and Sépia. Gross debt stood at $70.7 billion and net debt at $59.1 billion, with net debt/LTM Adjusted EBITDA at 1.53x. The company issued $2.0 billion in global notes due 2030 and 2036.

Operationally, oil, NGL and gas output averaged 3.14 million boed, up 8% sequentially. FPSO Almirante Tamandaré hit its 225 Mbpd design peak in August and reached 270 Mbpd in October. Refining utilization was 94% with strong diesel and jet margins; oil exports set a record at 814 Mbpd. The board approved R$12.2 billion in dividends related to 3Q25, and taxes paid totaled R$68 billion in the quarter.

Petrobras (PBR) furnished a Form 6‑K detailing strong 3Q25 operations and results. Total oil and gas production set a record at 3.14 MM boed, driven by higher efficiency and new systems. Operationally, FPSO Almirante Tamandaré exceeded its nominal capacity and later had its capacity approved to 270 mbpd, while P‑78 arrived at Búzios with start‑up targeted for 4Q25. The company also began drilling the Morpho well off Amapá on October 20.

Cash generation improved despite a softer Brent backdrop. Operating cash flow reached US$ 9.9 billion (+31% vs 2Q25), free cash flow was US$ 5.0 billion (+44%), adjusted EBITDA excluding one‑offs was US$ 12.0 billion (+17%), and net income excluding one‑offs was US$ 5.2 billion (+28%).

Sales momentum continued: domestic oil product sales rose 5% quarter‑over‑quarter, diesel grew 12% vs 2Q25 and 6% vs 3Q24, and oil exports were 814 mbpd, with combined exports surpassing 1 MM bbl/day. 3Q25 CAPEX was US$ 5.5 billion, and two US$ 1 billion bonds were issued (2030 and 2036 maturities). The board declared R$ 12.2 billion in 3Q25 dividends (R$ 0.94/share), record date 12/22/2025, with installments on 02/20/26 and 03/20/26.

Petrobras approved interim dividends of R$ 12.16 billion, equal to R$ 0.94320755 per common and preferred share, as an advance on 2025 shareholder remuneration based on the September 30, 2025 balance sheet.

The payment will occur in two installments: R$ 0.47160378 per share on February 20, 2026 and R$ 0.47160377 per share on March 20, 2026. Record dates are December 22, 2025 for shares on B3 and December 26, 2025 for ADRs on the NYSE; Petrobras shares trade ex-rights on B3 starting December 23, 2025. ADR holders receive payments as of February 27, 2026 and March 27, 2026.

The company states this is in line with its policy to distribute 45% of free cash flow when gross debt is at or below the maximum level in its Strategic Plan and notes the distribution does not compromise its financial sustainability. The form of distribution (dividends and/or interest on equity) will be defined by December 11, 2025. Installment values will be updated by the Selic rate from December 31, 2025 until each payment, and any interest on equity would be subject to income tax under current law. The amount will be deducted from the remuneration to be approved at the 2026 AGM for fiscal year 2025.

Petróleo Brasileiro S.A. – Petrobras reported a governance change via Form 6-K. Ms. Cristina Bueno Camatta resigned as a full member of the company’s Fiscal Council following her appointment as Petrobras’ Ombudsman.

The company stated it will take the necessary measures for the timely reconstitution of the Fiscal Council, in line with applicable governance procedures, and will keep shareholders and the market informed.

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.