GQG Partners LLC has disclosed a sizable passive stake in PETROLEO BRASILEIRO S.A. PETROBRAS through American Depositary Shares (ADS). As of the event date, GQG reports beneficial ownership of 144,189,496 ADSs, representing 3.88% of the class. It has sole power to vote 131,578,212 ADSs and sole power to dispose of 144,189,496 ADSs, with no shared voting or dispositive power.
GQG files as an investment adviser organized in Delaware and certifies that the ADSs were acquired and are held in the ordinary course of business. It also states they were not acquired and are not held to change or influence control of Petrobras, indicating a passive investment stance. The filing is an amendment to a prior Schedule 13G, updating GQG’s current ownership position.
Petróleo Brasileiro S.A. – Petrobras reports that Brazil’s oil regulator ANP approved an addendum to the Production Individualization Agreement for the Tupi Shared Reservoir in the Santos Basin, effective December 1, 2025. Following this first redetermination of reservoir volumes, Petrobras’ participation in Tupi increases slightly from 67.216% to 67.457%, while the stakes of Shell Brasil, Petrogal Brasil and PPSA are adjusted downward or upward accordingly.
The parties must carry out financial compensation for past expenses and revenues related to volumes produced up to the addendum’s effective date, under existing equalization agreements. The amount to be received by Petrobras will be recorded in its 4Q25 financial statements, with related cash inflows expected in 1Q26. The Tupi agreement does not cover the Iracema reservoir, which keeps its existing consortium participation structure.
Petrobras filed a strategic update outlining its 2026–2030 business plan, focused on growing oil and gas while accelerating low‑carbon investments and maintaining financial discipline. The company targets a Brent breakeven of US$59/bbl in 2026 through operating cost cuts and project optimization, with an investment portfolio of up to US$109 billion, including an implementation target of US$91 billion. Oil production is projected around 2.4 million bpd in 2025 and 2.7 million bpd by 2028, led by pre‑salt fields such as Búzios, Mero and Tupi.
The plan balances large upstream projects with refining expansions, logistics, fertilizers and a growing allocation to low‑carbon businesses like bioproducts, biomethane, ethanol, SAF and renewables. Petrobras reiterates a gross debt convergence target of US$65 billion and aims to preserve its dividend policy while funding capex from projected operating cash flow. ESG goals include net zero by 2050, near‑zero methane by 2030, sizable cuts in water use and waste, and biodiversity gains, supported by stronger governance and incentive structures tied to cash generation, safety and emissions.
Petróleo Brasileiro S.A. – Petrobras approved its 2026-2030 Business Plan, projecting total investments of US$ 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).