Petrobras on Strategic Planning

(Petrobras, 31.Mar.2023) — Petrobras informs that its CEO, Jean Paul Prates, submitted to the Executive Board, which in turn, discussed and validated the following proposals, to be considered in the Strategic Planning, in compliance with current governance practices, the commitment to create value and the company’s long-term financial sustainability:

1) Total attention to people, with priority on the development, retention and requalification of talents in order to provide the company with a technical staff that is increasingly inclusive, diverse and qualified to meet the dynamic demands of the market, especially the energy transition;

2) Focus on profitable exploration and production assets, with increasing decarbonization of the company’s operations and those of its suppliers

3) Emphasis on the adequacy and improvement of the current refining park through efficiency gains and the combination of renewable raw materials in the development of resilient industrial processes and sustainable products;

4) Search for a fair energy transition, in line with similar international companies, primarily through partnerships of technical excellence and social responsibility programs that mitigate the externalities of the company’s activities and promote local production chains;

5) Take advantage of Brazil’s different potentialities as a country of continental dimensions and energy capacities that favor sustainable development, through the regionalization of the company’s activities based on productive chains and local operational units;

6) Strengthen the access to markets and seek the global vanguard in the energy transition, through international performance by means of technological and operational partnerships.

The investments required to ensure these guidelines are met must be financed by operating cash flow, at levels equivalent to peer companies, and preferably through partnerships that allow us to share risks and expertise, and must seek return on investment, capital cost reduction and the strengthening of Petrobras as an integrated energy company, maximizing the company’s value and seeking the development of the Brazilian market.