Message from the CEO

Ladies and Gentlemen,

Petrobras’ 2024 Sustainability Report marks a period of significant transformations in our journey towards a just and sustainable energy transition, aligned with our vision of a diversified company. This vision reconciles our focus on oil and gas with low-carbon businesses, reaffirming our commitment to sustainability, safety, respect for the environment, and total attention to people, generating value for Brazilian society.

We have made significant progress in executing the 2050 Strategic Plan and the 2025-2029 Business Plan (PN 2025-29), allocating US$ 16.3 billion for low-carbon projects in the next five years. This amount represents 15% of the total investment for the five-year period and highlights our determination to lead the energy transition in the country.

2024 results confirm the correctness of our strategy. We have managed to reduce absolute CO2e emissions by 40% and direct methane emissions by 70% in our operations since 2015. These advancements reinforce our ambitions to achieve Net Zero by 2050, Near Zero Methane by 2030, and maintain net neutral growth by 2030.

The company’s economic performance also reflects the strength of our management. We distributed BRL 379.4 billion in value to society through taxes, royalties, and special participations, direct remuneration to shareholders, and payments to financial institutions and suppliers. In the coming years, the initiatives outlined in the PN 2025-29 are expected to generate around 315,000 jobs, consolidating Petrobras’ role as a driver of socioeconomic development.

We have significantly expanded our social impact. The Petrobras Socio-Environmental Program completed its largest public selection in 2024, with BRL 446 million allocated to 63 projects across all regions of the country over the next four years.

At the same time, we launched the Petrobras Autonomy and Income Program, an initiative that embodies our commitment to social inclusion and local development. With investments of BRL 350 million over four years, we promote professional training for people in vulnerable situations, focusing on underrepresented groups such as women, Black and brown individuals, transgender persons, persons with disabilities, and refugees. In 2024, we trained over a thousand students in seven Brazilian states, with 72% being Black and brown individuals and 60% women. In addition to technical training, we provide monthly aid payments and special support for mothers with young children

We have set ambitious diversity and inclusion goals, bringing forward to 2029 our objective of having 25% of women and 25% of Black individuals in leadership positions.

In the environmental area, in addition to decarbonization initiatives, we have made significant progress in our commitments to biodiversity. In 2024, we reached 80% of our goal for developing Biodiversity Action Plans and established a partnership with BNDES to invest in reforestation projects. This partnership will allocate more than BRL 300 million over the next five years to the Restaura Amazônia, Floresta Viva, and Sertão + Produtivo projects. The resources will restore native vegetation in the Legal Amazon, Cerrado, Pantanal, and mangroves, as well as strengthen the collective production of healthy food in the semi-arid region.

In 2024, we achieved significant advances in our operational safety indicators. Our Total Recordable Injury Rate (TRIR) reached 0.67, a 16% reduction compared to 2023, consistently remaining below the oil and gas industry average (0.84).

However, with deep regret, we recorded four fatalities in our operations during 2024, an increase from the previous year. Each lost life is an irreplaceable loss. Despite the advancements in various aspects of operational safety, these events show us that we need to intensify our efforts even further to achieve our ambition of zero fatalities.

Regarding spills, we recorded a significant reduction in the volume of spills (VAZO), reaching 14.4m³ in 2024, a result that is 88% lower than the established alert limit and less than the volume recorded in 2023 (16.9m³). We continue to strengthen our safety culture through the Commitment to Life Program, implementing new technologies such as Intelligent PPE and automating critical processes, as well as intensifying training and awareness programs to protect our workforce and achieve excellence in operational safety.

As signatories of the UN Global Compact, we align our actions with the Sustainable Development Goals, highlighting the sustainability commitments established in our ESG position, which are an integral part of our PE 2025 and PN 2025-29, reinforcing our commitment to responsible and sustainable long-term operations. We remain determined to lead the energy transition in Brazil, aiming for carbon neutrality by 2050.

I invite everyone to learn more about our journey in the pages of this report. Each achievement presented here results from the dedication of our workers and partners. Together, we are building a stronger, more sustainable Petrobras, prepared for the future and for a more prosperous country

I wish you all an excellent reading!

Magda Chambriard
CEO of Petrobras