Nov. 10 – 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.
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.
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.
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