Petrobras : Production and Sales Report 3Q

Production

• Sales Report
  3Q24
  -

FPSO Maria Quitéria

1st oil on September 15

Table of Contents

Highlights - 3Q24	3
Our Operating Results	5
Exploration & Production	5
Refining, Transportation & Marketing	7
Gas & Low Carbon Energies	10
Atmospheric Emissions	12
Exhibits	14
EXHIBIT I - CONSOLIDATED SALES VOLUME	14
EXHIBIT II - NET IMPORTS AND EXPORTS	14
EXHIBIT III - OIL EXPORTS	15
EXHIBIT IV - OIL PRODUCTS EXPORTS	15
Glossary	16

DISCLAIMER

This report may contain forward-looking statements about future events. Such forecasts reflect only the expectations of the company's management about future economic conditions, as well as the company's industry, performance and financial results, among others. The terms "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should", as well as other similar terms, are intended to identify such forecasts, which, of course, involve risks and uncertainties foreseen or not foreseen by the company and, consequently, are not guarantees of the company's future results. Therefore, future results of the company's operations may differ from current expectations, and the reader should not rely solely on the information contained herein. The company undertakes no obligation to update the presentations and forecasts in the light of new information or future developments. The figures reported for 2Q24 onwards are estimates or targets. The operating data contained in this report has not been audited by the independent auditor.

PETROBRAS | Production & Sales Report | 3Q24

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Highlights - 3Q24

In 3Q24, Petrobras' total production of oil, NGL and natural gas reached 2,689 Mboed, in line with 2Q24. The highlights were the production peak of FPSO Sepetiba, in the Mero field, with the start-up of 3 new producing wells, and the start-up of new wells in Búzios and Tupi fields' projects.

In October, we highlight the start-up of a new production system, which will contribute to production in 4Q24.

The FPSO Maria Quitéria began operating on October 15. The platform, located in the Jubarte field, in the pre-salt of the Campos Basin, is fitted with technologies to reduce emissions, including the combined cycle in energy generation, which allows for higher operational efficiency associated with a reduction of around 24% in operational greenhouse gas emissions. Its production capacity is 100 Mbpd of oil and 5 MMm³/d of natural gas.

Total own production million boed

2.88			2.70	2.69
0.03			0.03	0.04
0.53
		0.51	0.53
2.32			2.16	2.13
3T23				2T24	3T24
		Oil		Gas			Oil and Gas - abroad

The FPSO Marechal Duque de Caxias is on location, with the interconnection of the first producer well completed, and in the final stages of preparation for start-up. The unit has the capacity to produce up to 180 Mbpd of oil and 12 MMm³/d of natural gas and will be the third permanent production system for the Mero field, in the pre-salt Santos Basin.

On October 26, the FPSO Almirante Tamandaré arrived on location, coming from China. The platform will be the first high-capacity unit to be installed in the Búzios field, with the potential to produce up to 225 Mbpd and process 12 MMm³/d of natural gas.

The Rota 3 Natural Gas Processing Unit (UPGN), located at the Boaventura Energy Complex (Itaboraí - RJ), started up its first module in September. The unit is currently gasified, and the first commercial gas is expected to happen in the coming days. With the start-up of the second module, planned for later this year, the total processing capacity will be 21 MM m³/d.

The Tupi asset, located in pre-salt of the Santos Basin, has reached the unprecedented mark of 3 billion barrels of oil equivalent (boe) of accumulated production. This is the first area in production in Brazil to reach this milestone, 15 years after the first oil.

PETROBRAS | Production & Sales Report | 3Q24

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The efforts and integration of several areas of the Company contributed to the anticipation of the FPSO Maria Quitéria's first oil, which started-up on October 15. The original schedule, set out in the 2024-2028+ Strategic Plan, was to start-up in 2025.

In 3Q24, production and sales of oil products on the domestic market increased by 4.2% when compared to 2Q24, driven by the seasonal increase in demand. In September 2024, among our refining facilities, we had the best monthly utilization factor in the year, reaching 97%, which reflects our high level of operational efficiency and the close integration with the company's logistics and marketing areas. This resulted in total production of 1,818 Mbpd, prioritizing high value-added products (diesel, gasoline and QAV accounted for 68% of total production), even with the maintenance stoppages carried out at REPLAN, REDUC, RPBC and REVAP during the quarter.

The share of pre-salt oil in refining feedstock reached 73%, a record for a quarter (an increase of 4 p.p. when compared to 2Q24), showing greater logistical and operational flexibility in the decision to use these streams more efficiently. In addition, in August,

the pre-salt oil processed feedstock was 76%, a new monthly record.

Gasoline production in 3Q24 was 438 Mbpd, a quarterly record 1.

In 3Q24, we had 3 consecutive months of advances in sales of diesel with renewable content (Diesel R), reaching 3.7 Mbpd in September, double the previous record set in April 2024. In addition, with a focus on competitiveness and decarbonization, we established an agreement with the country's biggest mining company to test and study the supply of low-carbon products, including the use of Diesel R in the mining company's vehicles,

establishing the first direct sale of this type of diesel by Petrobras.

We are developing more low carbon products and honoring our commitment to decarbonize our activities. The partnership with Vale is a further realization of Petrobras' goal of improving the company's production capacity and logistics structure in order to deliver to the market low carbon products, such as Diesel R, and reinforce our decarbonization strategy." Magda Chambriard, CEO

-

1 Considers the current refining facilities.

PETROBRAS | Production & Sales Report | 3Q24

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Our Operating Results

Our Operating Results

Exploration & Production

													Variation (%)
			3Q24		2Q24		3Q23		9M24		9M23		3Q24 X		3Q24 X		9M24 X
								2Q24		3Q23		9M23
Crude oil, NGL and natural gas		2,654		2,664	2,843		2,687		2,696	(0.4)		(6.6)		(0.3)
production - Brazil (Mboed)
	Crude oil and NGLs (Mbpd)		2,129		2,156	2,318		2,173		2,188	(1.3)		(8.2)		(0.7)
	Onshore and Shallow water		32		35	34		34		46	(8.6)		(5.9)		(26.1)
	Post-salt - deep and ultra		275		306	412		308		380	(10.1)		(33.3)		(18.9)
	deep
	Pre-salt		1,822		1,815	1,872		1,831		1,761	0.4		(2.7)		4.0
	Natural gas (Mboed)		525		508	525		513		508	3.3		−		1.0
Crude oil, NGL and natural gas		35		34	34		34		35	2.9		2.9		(2.9)
production - Abroad (Mboed)
Total production (Mboed)		2,689		2,699	2,877		2,721		2,731	(0.4)		(6.5)		(0.4)
Total commercial production		2,337		2,356	2,537		2,374		2,401	(0.8)		(7.9)		(1.1)
(Mboed)
Total operated production		3,869		3,737	3,982		3,821		3,807	3.5		(2.8)		0.4
(Mboed)

In 9M24, Petrobras achieved a total production of 2,721 Mboed. Based on current performance, along with the forecast of ramp-ups and start-ups of new platforms and new wells in 4Q24, we reaffirm our expected production guidance for 2024. We expect to stay within the 2024-28+ Strategic Plan planned total production range of 2.8 MMboed +- 4%.

With regard to the 3Q24 performance, oil production in the pre-salt was 1,822 Mbpd, in line with 2Q24, mainly due to higher production at FPSO Sepetiba (Mero field), which reached its peak with three new producing wells, and the start-up of two new wells in Santos Basin, one at FPSO Almirante Barroso (Búzios field), and a complementary well at FPSO Maricá (Tupi field), offset by the higher volume of stoppages. Additionally, five new injection wells started operating in Santos Basin.

Post-salt production reached 275 Mbpd, 10.1% lower than 2Q24, mainly due to interventions to comply with operational safety requirements, to a higher volume of losses from scheduled maintenance stoppages and to the natural production decline. Five injection wells started operating in Campos Basin.

Onshore and shallow water production was 32 Mbpd, 3 Mbpd lower than 2Q24, due to higher losses from maintenance stoppages.

Overseas production, from fields in Bolivia, Argentina and United States, was 35 Mboed, in line with 2Q24.

PETROBRAS | Production & Sales Report | 3Q24

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Our Operating Results

"Bringing forward the first oil from FPSO Maria Quitéria is the result of our daily efforts to look for opportunities to speed up projects and overcome challenges. In line with the company's decarbonization strategy, the platform represents higher installed oil and gas production capacity, is more efficient and has modern technologies to reduce greenhouse gas emissions."

Renata Baruzzi, Executive Officer for

Engineering, Technology and Innovation

PETROBRAS | Production & Sales Report | 3Q24

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Our Operating Results

Refining, Transportation & Marketing

												Variation (%)
		3Q24		2Q24		3Q23		9M24		9M23		3Q24 X		3Q24 X		9M24 X
							2Q24		3Q23		9M23
Total sales volume in the domestic		1,771		1,700	1,821		1,707		1,747	4.2		(2.7)		(2.3)
market (Mbpd)
Diesel		760		717	801	723		745	6.0		(5.1)		(3.0)
Gasoline		396		392	416	391		422	1.0		(4.8)		(7.3)
Jet Fuel		110		106	105	108		103	3.8		4.8		4.9
Naphtha		70		70	74	68		68	−		(5.4)		−
Fuel Oil		24		25	31	29		32	(4.0)		(22.6)		(9.4)
Liquefied Petroleum Gas (LPG)		226		219	215	215		207	3.2		5.1		3.9
Others		185		171	179	173		170	8.2		3.4		1.8
Total production volume (Mbpd)		1,818		1,744	1,829		1,772		1,763	4.2		(0.6)		0.5
Diesel		723		702	749	708		709	3.0		(3.5)		(0.1)
Gasoline		438		417	424	415		398	5.0		3.3		4.3
Jet Fuel		83		83	82	86		83	−		1.2		3.6
Naphtha		77		67	71	74		70	14.9		8.5		5.7
Fuel Oil		185		180	185	190		208	2.8		−		(8.7)
Liquefied Petroleum Gas (LPG)		124		118	130	121		123	5.1		(4.6)		(1.6)
Others		188		177	188	178		172	6.2		−		3.5

Other operating information

													Variation (%)
	Mbpd		3Q24		2Q24		3Q23		9M24		9M23		3Q24 X		3Q24 X		9M24 X
							2Q24		3Q23		9M23
Reference feedstock		1,813		1,813	1,813		1,813		1,835	−		−		(1.2)
Total distillation feedstock		1,727		1,642	1,736		1,680		1,671	5.2		(0.5)		0.5
Total refining plants utilization factor		95%		91%	96%		93%		91%		4.0		(1.0)		2.0
(*)
Fresh processed feedstock		1,705		1,616	1,706		1,650		1,637	5.5		(0.1)		0.8
NGL processed feedstock		46		47	48	47		48	(2.1)		(4.2)		(2.1)
Domestic crude oil as % of total		92%		91%	91%		91%		91%		1.0		1.0		−
processed feedstock (*)
Pre-salt crude oil as % of total		73%		69%	65%		70%		65%		4.0		8.0		5.0
processed feedstock (*)

(*) Variations in percentage points.

PETROBRAS | Production & Sales Report | 3Q24

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Our Operating Results

Sales

Sales volume of oil products in 3Q24 was 4.2% higher than 2Q24, with diesel, gasoline, jet fuel, LPG and asphalt standing out.

Diesel sales increased 6.0% in 3Q24 due to the demand seasonality in this quarter, as a consequence of the Summer Grain Crop planting and higher industrial activity.

Gasoline sales in 3Q24 were 1.0% higher than 2Q24, mainly due to the increased competitiveness of gasoline over hydrated ethanol in the supply of flex-fuel vehicles.

The 3.8% increase in jet fuel sales in 3Q24, compared to 2Q24, reflects seasonal demand increases in the sector, driven by the vacation period and greater economic activity.

LPG sales were 3.2% higher due to greater activity in the manufacturing industry in 3Q24 and lower average temperatures in the country's main consumer centers during this period.

In addition, we sold 816.7 thousand tons of asphalt in 3Q24, the best quarterly result since 2014.

Production

Production of oil products in 3Q24 increased by 4.2% when compared to 2Q24. The combined production of diesel, gasoline and jet fuel in 3Q24 reached 68% of the total volume, in line with 2Q24. This result confirms the high efficiency and performance of refining facilities.

We recorded monthly and quarterly production records in 3Q24, in particular 71 Mbpd of S-10 diesel at RPBC in September, and a quarterly average of 48 Mbpd at REGAP. We also achieved quarterly records in gasoline production at REPAR of 61 Mbpd and at RECAP of 22 Mbpd. Asphalt production was also significant, with the highest monthly production since 2011 (32,000 tons) at REDUC and since 2014 (82,000 tons) at REGAP, as well as a quarterly production record (143,000 tons) at REPAR.

These achievements results from investments in modernization of the units, reliability of the assets, optimization of processes and the application of innovative technologies.

We continued on our path to greater energy efficiency in the refining facilities with the RefTOP Program (World Class Refining). The projects and optimization initiatives of this program helped us reach 101.0 in Energy Intensity in 3Q24, the best result in

history, 2.1 points lower than 2Q24. In September, we highlight the 92.2 figure at REPLAN, the best monthly result ever for this refinery. For information on Greenhouse Gas Emission Intensity, see the "Atmospheric Emissions" section.

Solid progress in the Midwest region, with a 127% increase in diesel and gasoline sales in September at the new Rio Verde and Rondonópolis hubs.

PETROBRAS | Production & Sales Report | 3Q24

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Our Operating Results

The share of S10 diesel sales represented 64.4% of the total diesel sold by Petrobras, surpassing the previous record of 63.9%, achieved in 2Q24. S-10 diesel is becoming increasingly important in the company's product portfolio, with its low sulphur content and better environmental results.

"With this quarter results, we demonstrate Petrobras' commitment to efficiency and profitability in our operations. The milestones were achieved due to the integrated efforts of the entire company."

William França, Executive Officer for Industrial Processes and Products

"We are contributing to the growth of our customers in domestic market by acting competitively and safely, always preserving profitability and financial sustainability."

Claudio Schlosser, Executive Officer for Logistics, Commercialization and Markets.

PETROBRAS | Production & Sales Report | 3Q24

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Our Operating Results

Gas & Low Carbon Energies

												Variation (%)
		3Q24		2Q24		3Q23		9M24		9M23		3Q24 X		3Q24 X		9M24 X
							2Q24		3Q23		9M23
Natural Gas (MM m³/day)
Sales volume of natural gas		50	44	48	47	49	13.6		4.2		(4.1)
Natural Gas Supply
National gas delivery		31	29	35	30	34	6.9		(11.4)		(11.8)
Regasification of liquefied natural gas		6	3	1	4	1	100.0		500.0		300.0
Import of natural gas from Bolivia		13	13	13	14	16	−		−		(12.5)
Power (average MW) (1)
Sale of Thermal Availability at Auction		1,135	1,186	1,655	1,169	1,655	(4.3)		(31.4)		(29.4)
Sale of electricity (2)		1,075	418	450	647	520	157.2		138.9		24.4

1. For the current period, the figures for the Energy segment are subject to possible changes once the final report from the Electricity Trading Chamber (CCEE) is issued.
2. Adjustment to electricity sales data in 9M23.

In 3Q24, the sale of natural gas was approximately 6 million m³/day higher than 2Q24, due to the higher dispatch of natural gas for thermal power generation. On the supply side, the growth in 3Q24 was supported by higher domestic gas production due to fewer interventions, as well as increased LNG imports.

The sale of generated electricity in 3Q24 grew approximately 157% compared to 2Q24, due to declining hydrological reservoir inflows and the demand for higher dispatch of thermal power during peak energy consumption hours, offset by inconsistency of renewable energy generation.

On September 9th, we achieved the industrial operation authorization for our largest Natural Gas Processing Unit (UPGN) in the Boaventura Complex, which will receive and process pre-salt gas through the Rota 3 pipeline. This will allow Petrobras to increase its gas supply.

Furthermore, we have already noticed results of implementing the performance- based pricing incentive program, which allowed customers to get better prices for gas according to their consumption, maintaining Petrobras' competitiveness within Brazil's new dynamic market environment.

PETROBRAS | Production & Sales Report | 3Q24

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