PETROBRAS - PETROLEO BRASILEIRO SA Business Summary

Petróleo Brasileiro S.A. (Petrobras) operates as a vertically integrated energy giant, generating revenue primarily through the exploration, production, and sale of crude oil and natural gas, alongside the refining and marketing of petroleum derivatives. The company’s operations are organized into three core segments: Exploration and Production (E&P), which leverages world-class pre-salt assets to maintain industry-leading margins; Refining, Transportation, and Marketing (RTM), focused on domestic fuel self-sufficiency; and Gas and Energy, which manages natural gas logistics and thermoelectric power generation. Under its 2026–2030 Strategic Plan, Petrobras is deploying $109 billion in capital expenditure, prioritizing deepwater extraction while scaling low-carbon initiatives in biorefining and hydrogen. Its primary global competitors include Shell, ExxonMobil, and Chevron; Petrobras distinguishes itself by controlling approximately 90% of Brazil's oil output and maintaining a significantly lower lifting cost due to its specialized expertise in ultra-deepwater pre-salt reservoirs. Founded in 1953 by the Brazilian government under President Getúlio Vargas, the company remains state-controlled with a leadership team of seasoned industry veterans. Magda Chambriard serves as the CEO, bringing over 40 years of experience as a chemical engineer and former Director-General of the National Petroleum Agency (ANP). The executive board includes Fernando Melgarejo as Chief Financial Officer and Investor Relations Officer, who transitioned from a 30-year career at Banco do Brasil, and Sylvia Anjos, a PhD geologist and 42-year Petrobras veteran, as Chief Exploration and Production Officer. Other key leaders include William França da Silva (Industrial Processes) and Angélica Garcia Cobas Laureano (Energy Transition). The company is governed by a Board of Directors currently chaired by Bruno Moretti, reflecting a strategic alignment between state energy security goals and private shareholder interests.