Petrobras posts R$52.4bn Q2 2026 profit

Financial results

Petrobras reported net profit of R$52.4 billion in 2Q26 (97% higher than 2Q25) and adjusted EBITDA of R$93.8 billion; excluding exclusive events, net profit was R$55.8 billion and adjusted EBITDA R$100.6 billion. Operating cash flow reached R$61.8 billion, a 46% increase year‑on‑year. The company paid R$88.6 billion in taxes and government participations and approved R$17.4 billion in dividends and interest on equity. Gross debt closed the quarter at US$70.8 billion, below the US$75 billion limit in the 2026–2030 Business Plan, with an expectation to converge to US$65 billion in the Plan horizon.

Investments and projects

Investments totaled R$26.7 billion in 2Q26, with 82% allocated to Exploration & Production to sustain the production ramp-up. Notable spending included construction of FPSOs P-80, P-82 and P-83 for the Búzios field, with start-up scheduled for 2027, and well interconnections supporting Búzios 6 (P-78) and Búzios 8 (P-79).

Operational records and E&P progress

Operational outputs set multiple records: total oil and gas production of 3.34 million boed, total operated production of 4.87 million boed and own pre‑salt production of 2.78 million boed. Own oil production in Brazil reached 2.7 million bpd (+15% vs 2Q25). Asset operational efficiency rose 3.1%, adding 70 thousand bpd year-on-year. P-79 achieved first oil in May and gas injection 56 days after first oil; contracts for FPSOs P-81 and P-87 were signed in May 2026.

Refining, commercialization and other highlights

Refinery Utilization Factor reached a quarterly record of 101.2% (peaking at 102.5% in April–May), driving derivative production to 1.918 million bpd (5.6% above 1Q26), with 68% composed of diesel, gasoline and QAV. Records included S10 diesel at 509 thousand bpd and QAV at 109 thousand bpd; derivative output helped cut imports by 40% versus the previous quarter and exports neared one million bpd. Commercial milestones: 6.1 thousand m³ of SAF sold (1% renewable co‑processing), record monthly Podium gasoline sales in May (12.49 million liters), signing of contracts for four RSV vessels in May, and 15.4 million barrels moved by CTV in June. Acquisitions in the period included participation and operation of block 3 offshore São Tomé and Príncipe, 100% of a portion of the Argonauta (BC-10) ring‑fence, and 50% of the Itaimbezinho block.