Core Insights - Petrobras has approved its investment plan for 2026–2030, reducing the budget by 2% to $109 billion (581.2 billion reais) due to lower international oil prices [1][2] - This marks the first reduction in the five-year budget since President Luiz Inacio Lula da Silva took office in 2023 [2] Investment Allocation - Out of the total investment, $91 billion is allocated to projects under implementation, with $10 billion earmarked for projects needing budget confirmation and financing analysis [1] - The remaining $18 billion is still under analysis and has a lower degree of maturity [2] Project Focus - The business plan allocates $69.2 billion for exploration and production projects, with 62% designated for pre-salt fields, 24% for post-salt fields, and 10% for exploration activities [3] - An additional 4% is allocated for onshore projects, shallow-water assets, international assets, technology initiatives, or decarbonization projects [3] Production Goals - Petrobras plans to implement eight new production systems by 2030, with ten additional projects considered post-2030 [4] - The company expects to drill 15 wells at Brazil's Equatorial Margin and forecasts peak oil production to reach 2.7 million barrels per day (mbbl/d) in 2028 [4] Short-term Targets and Financial Commitments - The short-term target for oil production has been raised to 2.5 mbbl/d for the next year, up from the previous target of 2.4 mbbl/d [5] - Petrobras has committed to a regular dividend payout of $45–$50 billion for the 2026–30 period while maintaining a gross debt limit of $75 billion [5]

Financial Performance - The company's 3Q25 Core EPS was $083/share, a 9% increase compared to $076/share in 3Q24, driven by customer-focused formula-rate investments and new PA rates[16] - Year-to-date 2025 Core EPS reached $202/share, reflecting a 15% growth from $176/share in the same period of 2024, attributed to strong execution and financial discipline[16] - The company is raising its 2025 Core EPS guidance midpoint and narrowing the range to $250-$256/share, compared to the previous range of $240-$260/share and the 2024 result of $237/share[11, 16] - Year-to-date 2025 investments totaled $40 billion, approximately 30% higher than the same period in 2024, and the company is increasing its 2025 forecast to $55 billion from $50 billion, compared to $45 billion in 2024[11, 16] - A dividend of $0445/share was declared in September, consistent with guidance and representing approximately 5% growth compared to 2024[16] Strategic Initiatives and Growth Opportunities - The company's long-term pipeline demand from data centers has nearly doubled since February 2025, reaching 117 GW, while contracted demand has increased by over 30% to 38 GW[25] - The company filed its West Virginia Integrated Resource Plan (IRP) on October 1, 2025, which includes plans to build 1200 MW of CCGT and 70 MW of solar generation[12, 29] - The company expects to increase total transmission investments by 30% in its next 5-year plan, resulting in a total transmission rate base growth of up to 18% through 2030, with the rate base expected to more than double by 2030[31] Financial Outlook and Shareholder Value - The company is reaffirming its 6-8% Core EPS CAGR from 2025-2029, which, combined with the current dividend yield, represents a total shareholder return proposition of 10-12%[9, 40] - The company is reaffirming its 2025-2029 base investment plan of approximately $28 billion, with a significant increase in 2026-2030 expected to be announced on the 4Q25 earnings call[40]