Petrobras(US:PBR)2025-11-07 14:30Operational Highlights - Total oil and natural gas production reached a new record of 3.14 MM boed, up 7.6% from 2Q25 and 16.9% from 3Q24[9] - Total operated production reached a record of 4.54 MM boed, and pre-salt own production reached a record of 2.56 MM boed[9] - FPSO Almirante Tamandaré in Búzios achieved peak production at 225 mbpd with only 5 production wells, ahead of schedule, and surpassed 250 mbpd daily production in October[10] - P-78 arrived at the Búzios field in September 2025, with start-up expected in 4Q25[1, 10] - Diesel S10 production will expand by 76 mbpd, Jet Fuel by 20 mbpd, and Group II lubricant by 12 mbpd at the Boaventura Complex[15] - RNEST's processing capacity will reach 260 mbpd by 2029[16] - The company approved the construction of the CCS São Tomé Pilot Project in Macaé (RJ) for the capture, transport, and geological storage of up to 100 thousand tons of CO₂ per year[24] - Natural gas processing plants reached a record of 44 MMm³/d of specified gas for sale in August 2025[26] - The company advanced in the natural gas free market, reaching 6.5 MMm³/d of contracted volume, approximately 65% of the total market[27] - IBAMA approved the expansion of FPSO Almirante Tamandaré capacity from 220 to 270 mbpd, with Petrobras' share of the additional capacity being approximately 90 mbpd[60, 61] Financial Results - EBITDA excluding one-off events was US$ 12.0 billion in 3Q25, a 17% increase compared to 2Q25[34] - Net income excluding one-off events was US$ 5.2 billion in 3Q25, a 28% increase compared to 2Q25[34] - Operating Cash Flow (OCF) was US$ 9.9 billion in 3Q25, a 31% increase compared to 2Q25[34] - Free Cash Flow (FCF) was US$ 5.0 billion in 3Q25, a 44% increase compared to 2Q25[34] - Dividends for 3Q25 were R$ 12.2 billion, a 40% increase compared to 2Q25, equivalent to R$ 0.94 per share[34, 48] - Cash and cash equivalents increased by US$ 2.1 billion from June 2025 to September 2025, reaching US$ 11.6 billion[45] - The company issued two new bonds in September, due in 2030 and 2036, each amounting to US$ 1 billion[45] CAPEX - CAPEX for 3Q25 was US$ 5.5 billion, with 67.5% allocated to Production Development and 8.5% to Exploration[40] - Total CAPEX for 9M25 was US$ 14.0 billion, while cash CAPEX was US$ 12.9 billion[42]