Core Viewpoint - Petrobras is focusing on production growth and operational efficiency despite a challenging macroeconomic environment, including declining oil prices and geopolitical uncertainties [3][6][18]. Production and Operational Highlights - Petrobras achieved an 11% increase in production in 2025 compared to 2024, with significant contributions from pre-salt fields [3][5]. - The company set a record for anchoring the P-79 platform in just 12 days, with expectations for it to start operating soon [2]. - Búzios platforms surpassed 1 million barrels per day of operated production in October 2025, ahead of the company's deadline [2]. Financial Performance - Petrobras reported adjusted EBITDA of $42.5 billion and net income of $19.6 billion for 2025, despite a 14% decline in average Brent prices to $69 per barrel [5][7]. - Operating cash flow remained stable at $36 billion, supported by asset quality and production growth [6][7]. Capital Discipline and Investment - The company allocated 84% of its investment, approximately $17 billion, to exploration and production (E&P) [4][14]. - Petrobras added 1.7 billion barrels of reserves in 2025, achieving a 175% reserve replacement rate [4][15]. Debt and Dividends - Petrobras ended 2025 with gross debt of $69.8 billion, with 62% related to leasing [4][16]. - The board approved BRL 1.81 billion in dividends, equating to BRL 0.62 per share, to be distributed in two installments [4][17]. Market and Sales Performance - Domestic market sales increased by 1.43% year-over-year, with sales of 1,747,000 barrels per day, driven by stronger demand for gasoline and aviation fuel [10]. - Average oil exports reached 675,000 barrels per day in 2025, with nearly 1 million barrels per day in the fourth quarter [11]. Low-Carbon Initiatives - Petrobras made progress in gas and low-carbon products, with the second module of the Boaventura complex beginning operations, raising processing capacity to 21 million cubic meters per day [12]. - The company started producing sustainable aviation fuel (SAF) and delivered bunker fuel with renewable content to the Asian market for the first time in 2025 [13].