Company: PBR
Filing Date: 2025-02-27
Form Type: 6-K
Source: 0001292814-25-000660
Chunk: 10

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-02-27
Form: 6-K
Chunk 10
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 in 2024 was 15% above
the guidance disclosed in August 2024, largely due to the recovery from the discrepancy observed in the first half of the year between
the physical progress of activities and the financial progress based on the fulfillment of key delivery milestones of the five owned FPSOs
under construction for the Búzios field.

The company expected this mismatch to
be reduced throughout 2025. However, it took strong action to seek alternatives to fully resolve this issue still in 2024, implementing
various contractual diligence measures to ensure the completion of physical delivery packages that enable payment milestones. These efforts
allowed us to accelerate financial progress in the last quarter and recover a significant portion of the shortfall attributable to the
under-execution of CAPEX compared to the disclosed plan.

The reduction of the physical-financial
mismatch and the greater alignment of incentives with suppliers for achieving the milestones are fundamental vectors for bringing the
new systems into production as planned, mitigating risks of delays and increasing the potential for anticipations.

We reaffirm Petrobras' management commitment
to continuously seek initiatives that support the timely commissioning of production systems established in the strategic plan. This is
exemplified by the successful startup of the FPSOs Maria Quitéria, Marechal Duque de Caxias, and Almirante Tamandaré in
the Jubarte, Mero, and Búzios fields, respectively, which were achieved either ahead of schedule or in accordance with the deadlines
set in the 2024-28+ Strategic Plan timeline.

The company reiterates the proposed Capex
guidance for the year 2025 (under the exchange rate assumptions of the Business Plan) of $18.5 billion, with a variation of +/- 10%, considering
the potential for value generation with the advancement of the Capex vector over the coming years, without this resulting in an increase
in the total value projected for executing the projects during the period from 2024 to 2029 (Guidance + PN 2025-29). However, we will
maintain the most likely dates disclosed for the entry of the systems and the CAPEX of the PN 2025-29, considering the intrinsic risks
and uncertainties related to the implementation of the projects, contained in the margin of +/- 10%.

In 4Q24 2024, Capex totaled $5.7 billion,
29% higher than 2Q24, mainly due to higher spending on