Petrobras posts R$39.8bn net profit in Q3 2026

Financial performance

Petrobras reported net income of R$39.8bn for Q3 2026, rising to R$47.9bn excluding one-off events, up 68% year on year. Adjusted EBITDA was R$85.8bn, or R$94.5bn excluding one-off events. Operating cash flow reached R$61.8bn, 15% higher than a year earlier.

Production and refining

Total own production reached a record 3.51 million barrels of oil equivalent per day, including 2.96 million from the pre-salt. The company said its full-year average production estimate had increased from 3.1 million to between 3.3 million and 3.4 million barrels per day. Domestic derivative sales reached 1.854 million barrels per day, while diesel output hit a quarterly record of 769,000 barrels per day. Refinery utilisation averaged 99%.

Investment and debt

Investment totalled R$33bn, including R$27.5bn in exploration and production, mainly for platform construction and well connections. Gross debt was US$70bn, down 1.2% from the previous quarter; net debt fell 4.2% to US$57.8bn. Petrobras approved R$15.3bn in dividends and interest on equity.

Projects and exploration

The P-80 and P-82 production units departed for the Búzios field, with start-up expected in 2027. Petrobras reported three oil discoveries at the Morpho well in Brazil’s Equatorial Margin and a gas discovery at the Sandia-1 well offshore Colombia. It also began supplying sustainable aviation fuel to the international market from REDUC and received authorisation to produce diesel R with 8.5% renewable content.