Petrobras is Brazil's dominant integrated oil and gas company, focused on exploring and producing crude oil and natural gas in deepwater and ultra-deepwater offshore Brazil, and refining that crude into petroleum products for the Brazilian domestic market and export. The core of Petrobras' production is the pre-salt layer offshore Brazil — large, prolific deepwater fields in the Santos and Campos Basins, centered on the Búzios field, which surpassed 1 million bbl/d of operated production in 2025. Pre-salt wells are highly productive and have among the lowest lifting costs globally, with a portfolio break-even of ~$28/bbl. Petrobras also manages mature post-salt fields in the Campos Basin. On the downstream side, Petrobras operates a network of refineries across Brazil, processing crude primarily into diesel, gasoline, and jet fuel for domestic distributors and large industrial customers. Petrobras exports crude to India, Europe, and Asia, and select refined products. The company organizes operations into three segments: E&P (which receives ~84% of CapEx), Refining, Transportation & Marketing (~11% of CapEx), and Gas & Low Carbon Energies. Growth is driven by sequential FPSO deployments at pre-salt fields, accelerated well connections, and refining capacity expansion. Petrobras distributes 45% of free cash flow as dividends, with the payout formula adjusting across oil price scenarios.