Petrobras Q2 Profit Reaches $10.4 Billion Driven by Record Production
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Petrobras achieved historic oil production in the second quarter of 2026, driving net income to R$52.4 billion ($10.4 billion). The strong financial performance was propelled by rising output from offshore pre-salt reserves and progress on key exploration and production (E&P) initiatives.
The Brazilian state-controlled operator reported record total oil and natural gas production of 3.34 MMboed, while overall Petrobras-operated output rose to 4.87 MMboed. Operated pre-salt production also hit a record high of 2.78 MMboed, bolstered by enhanced operational efficiencies and the integration of new offshore projects.
In Brazil, Petrobras-operated oil production averaged 2.7 MMbpd, representing a 15% increase compared to the second quarter of 2025. This surge in output allowed the company to boost crude exports to nearly 1 MMbpd.
“The operational records we achieved in the second quarter led us to one of the highest quarterly financial results in Petrobras’ history,” stated Chief Financial Officer Fernando Melgarejo. “The increase in oil output, combined with higher Brent prices, strengthened our cash generation.”
During the quarter, capital expenditures reached R$26.7 billion ($5.3 billion), with 82% of the budget allocated to E&P projects designed to secure future production growth.
Petrobras also made significant strides on its major offshore assets. The P-79 FPSO achieved first oil in May, initiating gas injection just 56 days later. Meanwhile, construction continued on the P-80, P-82, and P-83 FPSOs for the Búzios field, which are slated to begin operations in 2027. Additionally, the company signed contracts for the P-81 and P-87 FPSOs to support the Sergipe-Alagoas Deep Waters (SEAP) I and II projects.
Furthermore, the company broadened its upstream footprint by taking over operatorship of Block 3 offshore São Tomé and Príncipe, acquiring a 100% stake in a portion of the Campos basin’s Argonauta field, and securing a 50% interest in the offshore Itaimbezinho Block.
Petrobras concluded the quarter with a gross debt of $70.8 billion, remaining safely below the limit set in its 2026–2030 Business Plan. Shareholders also approved R$17.4 billion in dividends and interest on equity.
