Petrobras’ profit jumped 97% in the second quarter of 2026 as higher oil production and refinery utilization boosted revenue and cash generation.
The Brazilian state-controlled energy company disclosed on August 8 that it recorded R$52.4 billion (US$10.4 billion) in net income for the three months ended June, compared with the same period last year. Adjusted earnings before interest, taxes, depreciation, and amortization reached R$93.8 billion (US$18.6 billion).
The stronger results came as Petrobras increased oil production in Brazil to a record 2.7 million barrels per day (b/d), 15% above the second quarter of 2025. Crude exports also rose to nearly 1 million b/d.
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Refinery operations strengthened at the same time. Petrobras posted a quarterly utilization rate of 101.2%, while refined-products production climbed 5.6% from the first quarter to 1.918 million b/d.
Production of higher-value fuels also reached quarterly records. Petrobras’ S10 diesel output averaged 509,000 b/d, while aviation kerosene production reached 109,000 b/d. The higher refinery output helped Petrobras cut refined-product imports by 40% from the previous quarter.
“The operational records we achieved in the second quarter led us to one of the largest quarterly financial results in Petrobras’ history,” said Fernando Melgarejo, Petrobras’ chief financial officer and investor relations officer.
Operating cash flow increased 46% year-over-year to R$61.8 billion (US$11.9 billion). Petrobras also paid R$88.6 billion (US$17.0 billion) in federal, state and municipal taxes, and the government took payments during the quarter.
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The company approved R$17.4 billion (US$3.3 billion) in dividends and interest on shareholders’ equity. Gross debt stood at US$70.8 billion at the end of June, below the US$75 billion limit in its 2026-2030 business plan.
Petrobras invested R$26.7 billion (US$5.1 billion) during the quarter, with 82% going to exploration and production. The spending included construction of the P-80, P-82 and P-83 FPSOs for the Búzios field, with the units scheduled to begin operations in 2027.
Total oil and natural gas production reached 3.34 million barrels of oil equivalent per day (boe/d). Petrobras’ own pre-salt production reached 2.78 million boe/d, while operated production reached 4.87 million boe/d.
Búzios reached 1.219 million b/d of operated production on June 26 following the startup of P-79. Mero reached 788,400 b/d on June 23.
P-79 achieved first oil in May and began gas injection 56 days later. The company identified the timing as a record among Petrobras-operated units.
