Company: PBR
Filing Date: 2025-11-28
Form Type: 6-K
Source: 0001292814-25-004085
Chunk: 6

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-11-28
Form: 6-K
Chunk 6
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 accrual mismatch related to platforms, materials and equipment Notes:We expect the following
distribution for the Total Portfolio, in US$ billion: 20.5 (2026), 23.5 (2027), 23.5 (2028), 21.3 (2029), and 20.6 (2030).Projections
subject to variation of +/-5%. Exploration & Production Refining, Transportation and Marketing Gas & Low Carbon Energies Corporate
More than 75% of investments under implementation allocated to E&P 25 25 •Focus maintained on Búzios, withprogress in
FPSO construction •Progress in Sépia2 and Atapu2 •Progress on RNEST Train 2 and startof construction of the Boaventurarefining
project •Peak investments in Búzios, driven bywell interconnections •Continued investments in Sépia2 andAtapu2
•Growth in investments in SEAP 2 •Construction ramp-upofRNEST Train2 and Boaventura refining project •Progress in the construction
of BúziosFPSOs •Growth in Sépia2 and Atapu2 •Advances in Raia projects, Marlimrevamps, and the Integrated Parque
dasBaleias •Resumption of construction of RNESTTrain 2 2025 18.5 ±10% 2026 19.4 ±5% 2027 21.0 ±5% Capex evolution
driven by more value-accretiveprojects US$ billion Portfolio Under Implementation We reaffirm our commitment to capital discipline and
efficient resource allocation •Lower oil price levels and heightened uncertainty, especially throughout 2026 •Commitment to
efficient resource allocation CONTEXT ADDITIONAL GOVERNANCE MECHANISM ASSUMPTIONS •Gross debt limit of US$ 75 billion •Self-funding:
investments supported by operatingcash flow generation •Preservation of Dividend Policy 69 16 4 2 Under Implementation US$ 91 billion
26 Of the US$ 91 billion Under Implementation Portfolio, US$ 10 billion mostly relates to projects with final investment decisions in
2026 and 2027. •Quarterly assessments, in light of cash flow projections andcapital structure, will determine progression and anyprioritization,
following governance on project approval •The mechanism aims to ensure financial resilience andflexibility to respond to market conditions.
27 Reinforced governance and flexibility