Summary Conclusion This quarter's results significantly exceeded expectations, primarily driven by operational efficiency improvements that pushed production and refinery utilization to record highs, rather than reliance on oil prices.

Key Data - Oil production: 2.7 million barrels per day, up 15% year-over-year - Adjusted EBITDA: $20 billion, up 70% quarter-over-quarter - Refinery utilization rate: 101%, a historic record

Business Progress Production exceeded the target by 200,000 barrels per day this quarter, mainly due to the early startup of the P-78 and P-79 platforms and seven platforms operating above design capacity (e.g., the Almirante Tamandare FPSO reached a peak of 270,000 barrels per day). Through optimization, refineries reduced diesel imports by 40% while maintaining high-value-added product output. The company also announced the discovery of a new natural gas field in Colombia and advanced exploration in the Equatorial Margin of Brazil (the FZA-49 well is expected to be completed by the end of the month).

Guidance and Outlook Management maintained the upper end of the full-year production guidance but hinted at a possible upward revision. Capital expenditure is expected to reach the $16.9 billion upper limit, while operating costs may exceed plans due to logistics and exchange rate pressures. The debt target remains at $65 billion, but it is likely to be achieved ahead of schedule.

Risk/Highlight Signals Positive signals: Management repeatedly expressed confidence in "exceeding targets" and proactively advanced the P-80 platform startup to Q1 2027. Negative signals: Operating costs face upside risk, and the company remains cautious regarding Braskem's restructuring and changes in natural gas regulation.