Petrobras reported a net profit of US$6.2 billion (R$32.7 billion) in the first quarter of 2026, up 110% from the previous quarter, supported by higher oil prices, stronger production, and increased fuel sales.
“The strong financial results achieved are supported by the company’s excellent operational performance,” the Brazilian energy company said in results published May 11.
The company said adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached US$11.3 billion (R$59.6 billion) during the quarter.
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Petrobras said total equity production rose 16% compared with the first quarter of 2025, alongside increased output and sales of refined products. The company linked the performance to stronger operational efficiency across its upstream and refining businesses.
Compared with the fourth quarter of 2025, Petrobras said results were also supported by a 27% increase in Brent crude prices and the Brazilian real’s appreciation against the U.S. dollar.
Investments during the quarter totaled US$5.1 billion (R$26.8 billion), representing a 25.6% increase from the same period last year.
“Our investments are translating into growth in oil and refined product production, demonstrating the strength and effectiveness of our value creation strategy. Once again, we broke oil and gas production records and converted the efficiency of our refineries into gains,” Chief Financial and Investor Relations Officer Fernando Melgarejo stated.
He noted that Petrobras achieved record oil and gas production “near maximum capacity.”
“We operated our refining system in the first quarter near maximum capacity, prioritizing higher value-added products, and delivered record S-10 diesel production,” Melgarejo added.
The company also pointed to growth in its power generation segment. Petrobras highlighted Usina Termelétrica (UTE) Nova Piratininga as one of nine power plants contracted under Brazil’s 2026 Capacity Reserve Auction (LRCAP 2026), part of broader efforts to strengthen national energy supply reliability.Petrobras said the increase in production and refining activity contributed to Brazil’s energy security while supporting economic activity, employment and industrial demand across the country.
