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Petrobras Q3 2026 Earnings Presentation

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Petrobras Q3 2026 Earnings Presentation — the English-language "3Q26 Performance" webcast deck of November 11, 2026, covering record oil production, raised 2026 production, Capex, opex and operating cash flow guidance, refining and sales results, cash generation, net debt and taxes paid; the deck was filed with the SEC as an exhibit to Form 6-K.

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Szybka Nawigacja

Tagi

Petrobras
3q26
Earnings presentation
Oil and gas
Pre-salt

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Opis

Główny Temat

Petrobras Q3 2026 Earnings Presentation — the English-language "3Q26 Performance" webcast deck of November 11, 2026, covering record oil production, raised 2026 production, Capex, opex and operating cash flow guidance, refining and sales results, cash generation, net debt and taxes paid; the deck was filed with the SEC as an exhibit to Form 6-K.

Kluczowe Korzyści

  • •Shows the full quarter story in 17 slides: operational highlights, production records, guidance changes, investment progress, downstream results, financials, debt and taxes
  • •Quarterly bar charts compare 3Q25, 2Q26 and 3Q26 for Brent, adjusted EBITDA, net income, operating cash flow (OCF) and refining volumes, with percentage-change callouts
  • •Guidance slides use a simple original-plan versus new-forecast bar format (oil production, Brent, Capex, manageable operating expenses, OCF) that is easy to reuse as a template
  • •Includes the standard forward-looking statement and non-SEC-compliant reserves cautionary statement used in a US-filed presentation
  • •Slide-by-slide text lets researchers find specific figures such as record production, net debt and cumulative taxes paid without opening every image

Grupa Docelowa

  • •Equity and credit analysts covering Petrobras and the oil and gas sector
  • •Investors and journalists tracking Brazilian pre-salt production and guidance
  • •Investor relations teams looking for a reference structure for an earnings webcast deck
  • •Students and researchers studying integrated oil company reporting and capital allocation

Przypadki Użycia

  • •Researching Petrobras third-quarter 2026 production, refining, cash generation and debt figures
  • •Comparing the 2026-30 Business Plan assumptions with the new 2026 forecasts for production, Capex, opex and OCF
  • •Benchmarking how an energy company presents operational highlights, guidance revisions and tax contribution
  • •Building an earnings presentation with a disclaimer, highlights, chart-led guidance and financial sections

Unikalne Propozycje Wartości

  • •Official earnings webcast deck filed with the SEC as an exhibit to Form 6-K, presented in English
  • •Combines upstream records (3,512 mboed own production, 5,082 mboed operated) with refining records (diesel at 769 mbpd) in one narrative
  • •Explains why guidance changed: higher Brent, project acceleration, foreign exchange effects and higher production
  • •Closes with net debt trajectory and record cumulative taxes paid, linking operations to financial and societal outcomes

Strony Slajdów (17)

Szczegółowy widok każdej strony slajdu, w tym układu, kluczowej treści i elementów wizualnych.

Strona 1
title slide

3Q26 Performance

Treść

Title slide for the Petrobras webcast dated November 11, 2026. The photo caption reads FPSO Almirante Tamandaré, production record of 263 mbpd in July 2026.

Struktura Układu

Left half is a hexagon-cropped photo of an FPSO at sea with a green border; right half holds the title, a lime accent line, the webcast label and date, and the logo at bottom right.

Kluczowe Elementy Wizualne

  • •FPSO Almirante Tamandaré photo with caption
  • •Large blue '3Q26 Performance' title
  • •Petrobras logo
  • •Dotted pattern in the top right corner
Strona 2
disclaimer

Disclaimer

Treść

Forward-looking statements notice referring readers to the company's most recent Annual Report on Form 20-F filed with the SEC, stating that figures for 4Q26 onward are estimates or targets and that some measures are not recognized under IFRS. A blue box carries the cautionary statement for US investors on non-SEC compliant oil and gas reserves.

Struktura Układu

Two dense text columns of legal copy on the left and centre, with a rounded blue call-out box on the right.

Kluczowe Elementy Wizualne

  • •Two-column legal text
  • •Blue call-out box on non-SEC compliant reserves
  • •Page number 2
Strona 3
highlights summary

Operational Highlights – 3Q26

Treść

Records of 3.51 MM boed total own production (2.96 MM boed in the pre-salt) and 5.08 MM boed total operated production, plus Búzios surpassing 11 MM m³/d average natural gas exports. Exploration discoveries in the Equatorial Margin and Colombia, new blocks won in Brazil (21 blocks in ANP auctions), Ivory Coast, São Tomé e Príncipe and Ghana talks, and P-80 and P-82 sailing to Búzios with start-up scheduled for 2027.

Struktura Układu

Three-column grid of icon-headed sections (efficiency and technology, exploratory discoveries, new blocks and rights) with a full-width New Production Systems strip at the bottom.

Kluczowe Elementy Wizualne

  • •Section icons
  • •Bulleted highlights with bold key figures
  • •Blue shape at the right edge
  • •Page number 3
Strona 4
highlights summary

Operational Highlights – 3Q26

Treść

Record diesel production of 769 mbpd, a refinery utilization factor of 99% (5 pp above 3Q25), and record domestic market sales of 1,854 mbpd; oil and oil product exports totaled 1,251 mbpd. Also covers sustainable fuel contracts and SAF at REDUC, monthly records in crude oil export (37.8 MM barrels) and CTV transfers (6.6 MM barrels), and the first Mar Aberto Program vessel, PSV Starnav Elektra.

Struktura Układu

Three-column layout with icon headings: oil product output and record sales on the left, sustainable fuels and recognition in the centre, logistics efficiency on the right.

Kluczowe Elementy Wizualne

  • •Section icons
  • •Bulleted text with bold records
  • •Green wedge graphic at bottom right
Strona 5
highlights summary

Operational Highlights – 3Q26

Treść

Decarbonization items include the São Tomé CCS Pilot Project license and contracts, the Rota Verde Program fuel tests, and a CAP Pro W 30/45 R asphalt solution with 40% recycled asphalt. Also lists operating and installation environmental licenses (including P-80, P-82 and P-83) and the Excellence Center in Distributed Digital Innovation, citing more than 11,000 professionals, 14,000 applications and 45,000 automations.

Struktura Układu

Green graphic panel at left; decarbonization column and environmental licenses column in the upper area, with a full-width digital innovation and AI strip at the bottom.

Kluczowe Elementy Wizualne

  • •CO2, globe and AI-head icons
  • •Bulleted text
  • •Green gradient panel with lime outline
Strona 6
data visualization

Successive record-breaking raise production to a new level

Treść

A bar chart of own oil production in Brazil rises from 2,221 mbpd in 1Q25 to 2,832 mbpd in 3Q26, a +12.4% increase versus 3Q25 (2,520), with a monthly record of 2.91 MMbpd in September 2026. A table gives total own production of 3,512 mboed and total operated production of 5,082 mboed in 3Q26; the left column notes 11 platforms operated above original design capacity and a July 2026 record of 263 mbpd at Almirante Tamandaré.

Struktura Układu

Three icon-led text blocks on the left; on the right a seven-bar column chart with the last bar highlighted, a +12.4% callout, a record badge and a two-row data table beneath.

Kluczowe Elementy Wizualne

  • •Seven-quarter bar chart (1Q25 to 3Q26)
  • •+12.4% growth bubble
  • •Medal badge for September 2026 record
  • •Data table of total own and operated production
Strona 7
infographic

Increased production capacity on our platforms without additional investments

Treść

Authorization to increase production capacity by up to 282 mbpd across eleven platforms, with per-unit gains such as +45 mbpd at FPSO Alm. Tamandaré, FPSO Sepetiba and FPSO Alexandre de Gusmão, and an average gain of 87 mbpd in operated production during the year (based on October 2026 closing figures). Six additional units (P-79, P-80, P-82, P-83, P-84, P-85) are expected to add capacity, targeting an increase of 10% to 20% with up to 260 mbpd.

Struktura Układu

Framed panel of platform thumbnails with capacity gains in two rows, summary boxes at left, and a green banner at the bottom listing the six upcoming units.

Kluczowe Elementy Wizualne

  • •Circular platform photos with +mbpd labels
  • •Grey summary boxes (282 mbpd, 87 mbpd)
  • •Green banner with arrows
Strona 8
guidance

Management efficiency drives higher production guidance for 2026

Treść

Oil production is 2.71 MMbpd for 9M26, against the original 2026 forecast from BP 2026-30 of 2.5 (plus or minus 4%) and a new target of 2.7 to 2.8 MMbpd. Drivers are efficiency gains, increased capacity and ramp-ups, and earlier first oil from P-79; factors for 4Q26 are scheduled maintenance shutdowns and a lower work interest in the Búzios production-sharing agreement (about 85 mbpd).

Struktura Układu

Left: three-bar chart (9M26 actual, original forecast, new forecast with hatched range) and bullet list; right: green hexagon panel listing 4Q26 factors; footnote at the bottom.

Kluczowe Elementy Wizualne

  • •Three-bar chart with hatched range segment
  • •New target callout bubble
  • •Green side panel
  • •Footnote on profit oil
Strona 9
data visualization

Investments pave the way for future production records

Treść

Capex for 9M26 was US$ 16.8 billion (US$ billion), split E&P 14.2 (84%), RTM 2.1 (12%), G&LCE and Others small shares, with cash Capex of US$ 14.6 billion. Physical progress covers Búzios P-80, P-82 and P-83 (over 90% of construction), Atapu 2 and Sépia 2 (progress more than doubled), 53 subsea tie-ins, 40 drillings and 38 completions, with 2027 milestones listed.

Struktura Układu

Donut chart with legend and a cash Capex box at left; a framed physical-progress panel at right with FPSO and subsea/wells columns; a green banner of 2027 milestones across the bottom.

Kluczowe Elementy Wizualne

  • •Donut chart of Capex by segment
  • •Blue cash Capex call-out
  • •Light-blue progress boxes
  • •Green 2027 milestones banner
Strona 10
guidance

Higher efficiency in investment execution drives production growth

Treść

With higher Brent prices the company accelerated project execution: the 2026-30 Business Plan forecast for 2026 Brent was 63 US$/bbl against a 2026 average estimate of 90, with a hatched range up to 100. The text says the plan assumed approximately US$ 60/bbl for 2026 and that persistent geopolitical tensions pushed prices up; the oil production guidance (2.5 to 2.7-2.8 MMbpd) is repeated.

Struktura Układu

Blue Brent bar chart panel at left; three stacked outlined text boxes at right (Capex initially planned, what changed, how we stepped up execution) with a small production chart.

Kluczowe Elementy Wizualne

  • •Brent bar chart in US$/bbl
  • •Outlined text boxes with centered headings
  • •Mini oil production chart
  • •Rocket and tools icons
Strona 11
guidance

New guidance reflects project acceleration, growth in operations and exchange rate impact

Treść

Cash Capex guidance moves from US$ 16.9 billion in BP 2026-30 to a new 2026 forecast of US$ 21.0 billion (with a hatched range up to 22.0). Manageable operating expenses move from US$ 20.2 billion to US$ 24.2 billion (range up to 25.5), with a -2% planned metric per barrel versus actual 2025; drivers include FX effects, higher execution and production, and logistics expenses.

Struktura Układu

Two side-by-side rounded panels, Cash Capex on the left and Manageable Operating Expenses on the right, each with a small two-bar chart and bullet drivers.

Kluczowe Elementy Wizualne

  • •Two-bar comparison charts with hatched range
  • •-2% per-barrel metric callout
  • •Chevron-bulleted driver lists
Strona 12
guidance

New OCF guidance point to up to US$ 15 billion in additional cash generation

Treść

Operating cash flow (OCF, US$ billion) rises from 35 in BP 2026-30 to a new 2026 forecast of 45, with a hatched range up to 50. Drivers listed are a higher production curve, growth in oil products output and a new level of Brent prices.

Struktura Układu

Left hexagon-cropped photo of an offshore platform staircase at sunset; right a two-bar chart; a green wedge at the bottom holds three bullets.

Kluczowe Elementy Wizualne

  • •Platform sunset photo
  • •Two-bar OCF chart with hatched range
  • •Green wedge with bullet list
Strona 13
data visualization

High availability of the refining system boosts diesel production

Treść

A new quarterly record for diesel production at 769 mbpd. Oil products output was 1,790 mbpd in 3Q25, 1,918 in 2Q26 and 1,873 in 3Q26; domestic market sales 1,804, 1,742 and 1,854; imports 314, 156 and 333; exports 1,037, 1,231 and 1,251. Percentage-change bubbles are shown between periods.

Struktura Układu

A 2x2 grid of small three-bar charts with curved arrow callouts on the left, and a refinery photo (Replan, Paulínia Refinery) in a hexagon on the right.

Kluczowe Elementy Wizualne

  • •Four mini bar charts (output, sales, imports, exports)
  • •Percentage-change bubbles with arrows
  • •Replan refinery photo with caption
Strona 14
financial results

Strong cash generation reflecting record operational performance

Treść

Brent averaged US$/bbl 69.1 in 3Q25, 104.5 in 2Q26 and 97.0 in 3Q26. Adjusted EBITDA (US$ billion) was 11.7, 18.6 and 16.7 (18.4 in 3Q26 excluding one-off events); net income was 6.0, 10.4 and 7.7 (9.3 excluding one-offs in 3Q26); OCF was 9.9, 12.3 and 12.0.

Struktura Układu

Four vertical chart panels (Brent, EBITDA, Net Income, OCF) separated by thin dividers, each with three quarterly bars, percentage-change bubbles and legends below.

Kluczowe Elementy Wizualne

  • •Four metric charts across the slide
  • •Paired bars for reported versus excluding one-off events
  • •Percentage-change bubbles
  • •Legends and green wedge graphic
Strona 15
data visualization

High cash generation enabled reduction in net debt

Treść

Gross debt (US$ billion) was 69.8 in 2025, 71.2 in 1Q26, 70.8 in 2Q26 and 70.0 in 3Q26, against 65.0 in the BP 2026-30 average for 2027-2030; net debt fell to 57.8 in 3Q26 from 60.4 in 2Q26. Financial debt was 25.6 and leasing 44.3 in 3Q26, and adjusted cash and cash equivalents reached 12.1. A note cites a make whole on 5.999% Global Notes due 2028 of USD 1.08 billion.

Struktura Układu

Stacked columns for financial debt and leasing with gross and net debt lines overlaid, a data row for adjusted cash beneath, and a worker photo in a hexagon at left.

Kluczowe Elementy Wizualne

  • •Stacked column chart with two line series
  • •Highlighted BP 2026-30 column
  • •Adjusted cash table row
  • •Worker photo
Strona 16
data visualization

Higher contribution to society: taxes paid in 9M26 were the highest on record

Treść

Cumulative taxes paid (R$ billion, cash basis) totaled 202.4 in 9M24, 199.9 in 9M25 and 251.3 in 9M26. For 9M26 the components are government take 58.1, federal 97.6, state 94.0 and municipal 1.6.

Struktura Układu

Stacked column chart with a total line at left and a large hexagon-framed photo of a child at the beach on the right.

Kluczowe Elementy Wizualne

  • •Stacked columns by tax category
  • •Total line with values above bars
  • •Lifestyle photo in lime-green frame
Strona 17
closing slide

3Q26 Performance (closing slide)

Treść

Closing slide repeating the title slide: 3Q26 Performance, Webcast, November 11, 2026, with the FPSO Almirante Tamandaré photo noting a production record of 263 mbpd in July 2026.

Struktura Układu

Identical to the opening slide: hexagon photo on the left, title block and Petrobras logo on the right.

Kluczowe Elementy Wizualne

  • •FPSO Almirante Tamandaré photo
  • •3Q26 Performance title
  • •Petrobras logo

Często Zadawane Pytania

Częste pytania dotyczące tego slajdu i podstawowej treści prezentacji.

What period does the Petrobras 3Q26 Performance presentation cover?

It covers the third quarter of 2026 (3Q26) and the nine months to September 2026 (9M26), presented in a webcast on November 11, 2026, with comparisons to 3Q25 and 2Q26.

Where was this presentation originally published?

It was filed with the SEC as an exhibit to Form 6-K. This gallery page describes the images of the slides from that filing; the slides are rasterized at modest resolution, so small print is not always legible.

What production records does the deck highlight?

It shows record total own production of 3.51 MM boed (2.96 MM boed in the pre-salt), record total operated production of 5.08 MM boed, a monthly oil production record of 2.91 MMbpd in September 2026, and record diesel production of 769 mbpd.

How did Petrobras change its 2026 guidance?

Oil production moves from 2.5 MMbpd (plus or minus 4%) in the BP 2026-30 to a new target of 2.7 to 2.8 MMbpd. Cash Capex moves from US$ 16.9 billion to US$ 21.0 billion, manageable operating expenses from US$ 20.2 billion to US$ 24.2 billion, and OCF from US$ 35 billion to US$ 45 billion, each with a hatched range above the base figure.

What were the 3Q26 financial results shown?

Brent averaged US$/bbl 97.0, adjusted EBITDA was US$ 16.7 billion (18.4 excluding one-off events), net income US$ 7.7 billion (9.3 excluding one-offs) and OCF US$ 12.0 billion. Net debt was US$ 57.8 billion and gross debt US$ 70.0 billion at 3Q26.

How much tax did Petrobras pay according to the deck?

Cumulative taxes paid on a cash basis were R$ 251.3 billion in 9M26, compared with R$ 199.9 billion in 9M25 and R$ 202.4 billion in 9M24; the slide describes 9M26 as the highest on record.

How is the deck structured?

It has 17 slides: a title slide, a disclaimer, three operational highlights slides, a production section on records, capacity and guidance, investment and guidance slides on Capex, opex and OCF, refining results, financial results, net debt, taxes paid and a closing slide that repeats the title.

Is the deck in English and what format is the download?

Yes, the slides are in English. The slides on this page are provided as images (WebP) taken from the SEC filing, so text is not selectable and some small footnotes may not be readable.

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