PBR · Petróleo Brasileiro S.A. - Petrobras

Petrobras delivered a materially strong first quarter 2026, anchored by record production volumes and disciplined execution against its 2026–30 Business Plan. Total operated production hit 4.65 million boed—driven by the full ramp-up of P-78 (Búzios 6), early start-up of P-79 (Búzios 8) on May 1, 2026, and improved reservoir management—including a record offshore water injection rate of 4.22 MMbpd in March. Pre-salt own production reached 2.66 million boed, reflecting sustained output from Búzios (1.082 million bpd in April) and Mero (721,000 bpd monthly average in April). These volumes directly supported downstream performance: refined product output rose 6.7% quarter-on-quarter to 1.816 mbpd, with 68% consisting of higher-margin middle distillates and gasoline, and S10 diesel production set a monthly record at 512 mbpd. Financially, Adjusted EBITDA excluding one-off events reached $11.3 billion, up 3.7% sequentially and 5.6% year-on-year, though the filing notes higher oil prices were not fully captured due to export pricing mechanics. Strategically, Petrobras expanded internationally via acquisitions in Namibia and São Tomé and Príncipe, while also securing long-term, low-volatility revenue through nine thermal power plant contracts awarded in the 2026 Power Capacity Reserve Auction—totaling ~2.6 GW and R$44 billion in fixed revenue over 2026–2031. Capital discipline remains central: E&P CAPEX execution was 87.4% in 1Q26, and gross debt is on track to converge toward the $65 billion target in the Business Plan. Management reaffirmed unchanged 2026–30 projections while emphasizing acceleration of value-accretive deliveries.