Petrobras breaks records in the first year of its current management

It recorded vital milestones in the first year of Petrobras's new management, which coincided with the company's 70th anniversary. The release of a new business strategy gave gasoline and diesel prices more flexibility and competitiveness, providing consumers with periods of stability while production levels kept rising.

The Shareholders' Remuneration Policy was improved to bring predictability to the dividend payout flow without compromising the company's financial sustainability and investment capacity. A fair energy transition and attention to people—current management's strategic missions—stood out with creating an executive board dedicated to low-carbon projects and sustainability and releasing the Diversity Policy and Racial Equality Program.  

With solid financial results and a string of oil, gas, and byproduct production records, Petrobras presented the 2024-2028+ Strategic Plan, the current management's first, increasing investments for the following five years, amounting to USD 102 billion, and the estimated creation of 280 thousand jobs.    

Low-carbon investments have more than doubled in this Plan compared to the previous cycle. In the next five years, USD 11.5 billion will be allotted to operation decarbonizing projects, biorefining, renewables, and new low-carbon businesses.

In the year that marked 15 years of the pre-salt, the company also established an annual record in its total production of oil and natural in this field, with 2.17 million BOED, surpassing the previous record of 1.97 million BOED in 2022 and accounting for 78% of the total production.    

"We've had many achievements and accomplishments in one year. Petrobras has reached its highest market value in history. We've consolidated the results of the new pricing strategy and achieved amazing production figures in the pre-salt and processing figures in refining.    We boosted Petrobras's prospects of total investments for the next five years with responsibility, a focus on capital discipline, and the commitment to keep indebtedness under control. We intensified investments in low-carbon, with profitable projects to add value in the long run. We will invest in a fair energy transition, investing in new energy sources but producing oil, which is still necessary to supply the global demand and fund our path.    Petrobras is back, and it's only the beginning!" added the company's president, Jean-Paul Prates.

15 major records by Petrobras:

1 – Petrobras breaks a new market value record, reaching BRL 525.6 billion on B3, São Paulo Stock Exchange, surpassing its own previous record, the BRL 525 billion registered in October 2023.

2 - The company achieved an annual record in its total pre-salt oil and natural gas production, with 2.17 million BOED, surpassing the previous record of 1.97 million BOED in 2022, accounting for 78% of the total output.

3 - The platform ship Almirante Barroso reached its peak production of 150 thousand barrels per day (BPD) in record time—146 days since the first oil.   

4 – In 2023, Petrobras achieved its best annual historic result in terms of flare gas burn rate at the Natural Gas Processing plants. Since 2017, there's been a 78% reduction in the indicator, corresponding to roughly 970 thousand tons of CO2 equivalent that have not been emitted.

5 - In 2023, Petrobras broke its patent filing record with 143 applications registered with the National Industrial Property Institute (INPI), surpassing the marks obtained in the past two years:  119 and 128 applications.

6 – The Petrobras Plant in Caraguatatuba broke an annual LPG production record. In 2023, 697,865 m³ of LPG were produced, surpassing the previous record set in 2022.   An amount equivalent to over 27 million 13kg tanks.

7 - Petrobras's refineries attained 97% use in September for the second month in a row. The refinery use factor achieved 96% in the third quarter of 2023, the best quarterly result since 2014.

8 - Production of Petrobras's Diesel S-10 established a new record in October, reaching 2.38 million m³, surpassing the previous mark of June this year.

9 - In 2023, Petrobras sold 2.5 million tons of asphalt. It is the product's best result in terms of sales since 2014.

10 – In one year of operation, the FPSO Guanabara reached many milestones: the top of the plant in January/2023, the production record with a monthly average of 179 thousand oil barrels per day (BPD) in February/2023, and the start of water injection in March/2023.    

11 – The ground-breaking investment reported in Petrobras's Strategic Plan for 2024-2028 (PE 2024-2028+) estimated an investment of USD 102 billion in the next five years, a 31% growth in contrast with the previous cycle.  

12 - Petrobras completed phase one and announced the second stage of its history's most significant public socio-environmental selection. The company is expected to invest BRL 1 billion in social and environmental projects in the next four years.

13- In the year that Brazil celebrates 50 years of the discovery of Campos Basin (RJ), the source of Brazilian deep-water production, Petrobras will receive, for the fifth time, the leading global offshore industry award, the OTC Distinguished Achievement Award 2024.

14 – Petrobras is the only company awarded in all the categories of the 1st 100% Transparency Movement Award, an award promoted by the UN Global Pact.    Furthermore, for the seventh year in a row, the company won the Transparency Trophy, which evaluates its transparency in reporting its financial statements.     

15 - For the first time, Universidade Petrobras was among the ATD Best Award winners, one of the strictest awards regarding training and development in the world, promoted by the Association for Talent Development (ATD).