Sustainability strategy and performance

Our Strategic Plan 2023-2027 (SP 2023-27) was prepared preserving the company's vision, values, and purpose. With the vision of “being the best energy company when it comes to generating shareholder value, with a focus on oil and gas, done with safety, and respect for life, people, and the environment,” we preserved our values in SP 2023-27:

▪ Respect for life, people, and the environment;

▪ Ethics and transparency;

▪ Achievement and trust; and

▪ Market orientation and results

In addition, we maintained our purpose of “providing provide energy that ensures prosperity in an ethical, safe, and competitive manner.”

SP 2023-27 proposes a set of strategies aimed at an effective contribution to a prosperous future, such as:

▪ deliver sustainable results for a society in transition, by acting in business with social and environmental responsibility, safety, integrity, and transparency;

▪ maximize portfolio value, with a focus on deepwater and ultra-deepwater assets;

▪ operate with assets focused on proximity to the oil supply and the consumer market, adding value to refining facilities with more efficient processes and new products, moving towards a low-carbon market;

▪ operate competitively in the sale of oil and oil products, maximizing the capture of value through the integration and safe and efficient operation of the upstream and downstream logistics chain; and

▪ innovate to generate value in our businesses, today and in the future, and achieve decarbonization goals.

In order to ensure alignment of incentives for achieving corporate goals, SP 2023-27 reaffirms the four top metrics of the past plan, wich are:

▪ Exploration and Production and Refining greenhouse gas emissions target achievement indicator (IAGEE);

▪ Volume of oil and oil products leaked (VAZO);

▪ Petrobras Delta EVA®; and

▪ Total Recordable Injury (TRI)

IAGEE and the VAZO reflect the SP 2023-27 alignment with low carbon and sustainability commitments, while TAR is a fundamental tool for achieving our ambition in terms of safety: zero fatalities. IAGEE represents the fulfillment of meeting the greenhouse gas intensity targets for E&P and Refining.

IAGEE, VAZO and ∆EVA® indicators impact the variable compensation of all employees, including senior management. Our variable compensation program seeks to align individual performance with our global goals and increase engagement so that everyone feels responsible for our results. In this way, the variable compensation of each employee or executive is calculated based on individual goals and on meeting these three top metrics.

MINIMUM VARIABLE COMPENSATION LINKED TO EMISSIONS AND LEAKAGE GOALS IN 2022 (%)

Our commitment to life is a non-negotiable value and our recognized safety culture continues to be reinforced every day to strengthen operational and personal safety. Therefore, we also maintained the ambition of zero fatalities and zero leaks in our plan.

In SP 2023-27, we improved the strategies related to the Environmental, Social and Governance (ESG) topics, integrating their elements into a single vision, with emphasis on four main ideas:

▪ reduce our carbon footprint;

▪ protect the environment;

▪ take care of people; and

▪ act with integrity.

For each of these driving ideas, a set of relevant topics was identified that support and guide our actions, projects, programs, and related commitments.