Total oil and natural gas production exceeded the upper limit of the target (+4%) by 2.8 p.p., reaching 2.99 million barrels of oil equivalent per day (boed), representing an 11% increase compared to 2024 production. Commercial oil and natural gas production reached 2.62 million boed, exceeding the upper limit of the planned target (+4%) by 0.9 p.p.

Main drivers for increased production in 2025:

• Increased production capacity of FPSOs Almirante Tamandaré and Marechal Duque de Caxias;

• Maintenance of peak production at FPSO Sepetiba;

• Ramp-up of FPSOs Maria Quitéria, Anita Garibaldi, Anna Nery, and Alexandre de Gusmão;

• Greater operational efficiency (3.6 p.p. higher than 2024), mainly on platforms in the Santos Basin;

• Lower volume of losses due to maintenance shutdowns in the Campos Basin;

• Higher NGL production due to increased efficiency of the Natural Gas Processing Unit (UPGN) at the Boaventura Energy Complex / Rota 3.

In 2025, Petrobras started up 44 new offshore production wells—22 in the Santos Basin and 22 in the Campos Basin—and achieved a historic milestone in offshore production by connecting 77 wells, including producers and injectors, consolidating a new level of operational efficiency.

Main highlights of the year:

• FPSO Almirante Tamandaré (Búzios) reached its initially planned peak production of 225,000 bpd and became Petrobras’ and Brazil’s largest oil production platform, producing around 240,000 bpd in November and December. Production began on February 15.

• FPSO Alexandre de Gusmão (Mero) started up ahead of schedule on May 24, with capacity to produce 180,000 bpd and compress/reinject 12 million m³ of gas per day.

• FPSO Marechal Duque de Caxias started operations in October 2024 and reached 180,000 bpd in May 2025 with only four wells. On September 25, it reached 200,000 bpd, exceeding the initially planned peak by 20,000 bpd.

• P-78 (Búzios) started up on December 31 with capacity of 180,000 bpd and 7.2 million m³/day of gas compression. The unit increased Búzios’ installed capacity to around 1.15 million bpd, enabling natural gas exports via Rota 3 and expanding national supply by up to 3 million m³/day. The project also marks a new era with the use of owned platforms.

In 2025, Petrobras achieved its best result in the last ten years by adding 1.7 billion boe in reserves, reaching a reserve replacement rate (RRR) of 175%, even considering record production. The R/P ratio reached 12.5 years, reflecting portfolio sustainability.

Production records achieved in 2025:

• Total operated production: 4.32 million boed (previous record: 3.87 million boed in 2023)

• Total own production: 2.99 million boed (previous record: 2.84 million boed in 2020)

• Total operated pre-salt production: 3.70 million boed (previous record: 3.23 million boed in 2024)

• Total own pre-salt production: 2.45 million boed (previous record: 2.19 million boed in 2024)

• Associated Gas Utilization Index (IUGA): 97.7% (previous record: 97.6% in 2023)

• Búzios field platforms surpassed 1 million barrels of oil per day on October 29

• Tupi/Iracema field reached 1 million barrels/day on January 9, 2026, repeating a milestone first achieved in 2019

Refining, Transportation and Marketing highlights:

In 2025, Petrobras sold 1,747 thousand barrels per day (mbpd) of oil products in the domestic market, an increase of 1.6% compared to 2024, driven by diesel, gasoline, and jet fuel, which accounted for 74% of sales. Jet fuel sales rose by 6%, reaching their best performance in six years.

Oil exports reached an annual record of 765 mbpd and a quarterly record of 1 million barrels/day in 4Q25, reflecting robust production levels, logistics efficiency in platform offloadings, and continuous efforts to develop new markets.

Logistics records achieved:

• Annual record of ship-to-ship (STS) operations for oil and fuel oil exports: 354 operations

• 1,470 STS operations at Angra dos Reis Terminal

• 80 STS operations at São Luís Terminal

• Monthly record (Feb/25) of oil product outflow at Santos Terminal: 828,000 m³

• Monthly record (Aug/25) of LPG transport by ships in Rio de Janeiro: 69,900 tons

• Transport records for heavy oil products at REFAP, REGAP, and REPAR refineries

• Start of R5 diesel operations at Guarulhos Terminal (SP)

In 2025, the refining system reached a total utilization factor (FUT) of 91%, maintaining high asset utilization, operational safety, and strong yields of middle distillates. Diesel, gasoline, and jet fuel accounted for 68% of total production.

Pre-salt oil represented 70% of refinery throughput in 2025, reinforcing operational excellence and optimization of feedstock use.

The revamp of RNEST Train 1 was completed in 2025, and contracts for Train 2 were signed, paving the way to double installed capacity to 260 mbpd by 2029. At REPLAN, the start-up of the new HDT unit increased S-10 diesel capacity by up to 63 mbpd and jet fuel by up to 21 mbpd, enabling full conversion of diesel production to S-10.

Following the revamp of REVAP’s Diesel Hydrotreatment (HDT) unit, production capacity increased by 80%, equivalent to 41 mbpd, allowing greater flexibility to shift production from S-500 to S-10 diesel.

Petrobras also secured contracts and environmental licenses for the integration between REDUC and the Boaventura Energy Complex, enabling Group II lubricant production and increasing S-10 diesel capacity, aligned with the company’s energy transition strategy.

In 2025, Petrobras will begin the bidding process for the construction of its first plant dedicated to the production of Synthetic Blending Component (SBC) and Hydrotreated Vegetable Oil (HVO, Green Diesel) at RPBC. The unit, with capacity of up to 15 mbpd, will be the first in the refining system dedicated to 100% renewable fuels.

Petrobras delivered the first volumes of sustainable aviation fuel (SAF) produced entirely in Brazil, becoming the first company certified under ICAO rules. The 3,000 m³ supplied distributors at Tom Jobim International Airport, equivalent to approximately one day of demand in Rio de Janeiro airports, reinforcing technological leadership and contributing to aviation decarbonization.

Additional refining records:

• REFAP: quarterly record in 4Q25 for gasoline (54 mbpd) and S-10 diesel (52 mbpd); annual S-10 diesel record of 48 mbpd

• REGAP: annual S-10 diesel record of 46 mbpd

• REPAR: annual gasoline record of 65 mbpd

• RECAP: annual gasoline record of 21 mbpd

• REPLAN: annual bunker production record of 40 mbpd

Check out the full 2025 Production and Sales Report at the link.