Petrobras posts R$32.7 billion net profit in 1Q26

Financial results

Petrobras reported net profit of R$ 32.7 billion (US$ 6.2 billion) in 1Q26, a 110% increase over 4Q25. Adjusted EBITDA was R$ 59.6 billion (US$ 11.3 billion) and Operating Cash Flow reached R$ 44 billion (US$ 8.4 billion). Management cited a 27% rise in Brent and real appreciation as positive contributors.

Investment and returns

Investments in 1Q26 totaled R$ 26.8 billion (US$ 5.1 billion), 25.6% higher than 1Q25. The company returned R$ 72.4 billion to society through taxes, royalties and special participations, and approved R$ 9 billion in dividends and interest on own capital.

Debt and adjustments

Excluding exclusive events, adjusted EBITDA was R$ 61.7 billion (US$ 11.7 billion), 4.5% above 4Q25; net profit excluding those events was R$ 23.8 billion (US$ 4.5 billion), down 7.2% vs 4Q25. Gross debt stood at US$ 71.2 billion, within the 2026–30 plan limit and with convergence targets of US$ 67 billion in 2026 and US$ 65 billion over the plan horizon.

Operational highlights

Records included total operated production of 4.65 million boed, total own production of 3.23 million boed and own pre-salt production of 2.66 million boed. Daily gas exports hit 44.8 million m3 on March 28. Refining utilization (FUT) averaged 95% in the quarter and reached 97.4% in March. Derivatives production was 1.81 million bpd (6.7% above 4Q25), with 68% higher value-added products and a March record Diesel S-10 output of 512 thousand bpd.

Other actions: contracting of two FPSOs for SEAP I and II under BOT; acquisitions including 42.5% of Block 2613 (Namibia) and operation of Block 3 (São Tomé and Príncipe); new pre-salt discoveries in Campos Basin and a gas discovery in Colombia (Copoazú-1); contracting of nine thermoelectric plants (~2.6 GW) with estimated fixed revenue of R$ 44 billion over the contract horizon; expanded exports to India and a Diesel S10 supply contract with Vale.