Petrobras reported net income of R$ 52.4 billion (US$ 10.4 billion) in the second quarter of 2026, 97% higher than in the same period of 2025. Adjusted EBITDA amounted to R$ 93.8 billion (US$ 18.6 billion). The company's operational performance drove the financial results for the quarter, which was marked by record levels of Petrobras-operated oil production in Brazil, reaching 2.7 million barrels per day, 15% higher than in the second quarter of 2025, and by record refinery utilisation, with a Refinery Utilisation Factor (RUF) of 101%, increasing the supply of petroleum products to the domestic market. Operating cash flow (OCF) reached R$ 61.8 billion (US$ 12.3 billion), representing a 46% increase over the previous 12 months.
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The increase in oil production supported export growth during the quarter, with exports reaching nearly one million barrels per day. Meanwhile, the high refinery utilisation rate resulted in record production levels during the period, including 509 thousand bpd of S10 diesel and 109 thousand bpd of jet fuel. Petroleum product output reached 1.9 million bpd, representing a 5.6% increase compared with the first quarter of 2026. During a period of volatility in the international market, this increase in petroleum product production contributed to a 40% reduction in imports compared with the previous quarter.
'The operational records we achieved in the second quarter led us to one of the highest quarterly financial results in Petrobras' history. The increase in oil and petroleum product output, combined with higher Brent prices, strengthened our cash generation,' said Fernando Melgarejo, Chief Financial Officer and Investor Relations Officer.
In the second quarter of 2026, Petrobras paid R$ 88.6 billion in taxes to the Federal, State and Municipal governments, as well as in government takes (GOV). This amount represents an increase of approximately R$ 22 billion compared with the taxes paid by Petrobras in the same period of the previous year.
Dividends and interest on equity totalling R$ 17.4 billion were approved for the period and will be distributed to both private and public shareholders.
Excluding one-off events, net income amounted to R$ 55.8 billion (US$ 11.1 billion). Adjusted EBITDA, excluding one-off effects, totalled R$ 100.6 billion (US$ 20 billion).
Gross debt closed the quarter at US$ 70.8 billion, below the US$ 75 billion ceiling established in the 2026–2030 Business Plan. The company continues to expect convergence to US$ 65 billion over the course of the Plan.
Investments
Petrobras invested R$ 26.7 billion (US$ 5.3 billion) in the second quarter of 2026. Of this amount, 82% was allocated to the Exploration and Production segment to support the company's upward production trajectory, with a focus on activities related to new and complementary projects.
During the quarter, key investments included the construction of the P-80, P-82 and P-83 units, the next FPSOs to be deployed in the Búzios field, with start-up scheduled for 2027. These investments also supported the increase in well tie-in activities aimed at the production ramp-up of the Búzios 6 (P-78) and Búzios 8 (P-79) projects, which are already in operation.
Other Operational Highlights
Production Records
- Total oil and natural gas production reached a record 3.34 million boed, total operated production reached 4.87 million boed, and total Petrobras-operated pre-salt production reached 2.78 million boed.
- A significant share of these records resulted from a 3.1% increase in asset operating efficiency, which added 70 thousand bpd compared with the same quarter of the previous year.
- The Búzios platforms reached an operated production milestone of 1.219 million bpd on 26 June, following the start-up of the P-79.
- Daily production at Mero increased to 788.4 thousand bpd on 23 June.
Acquisition of New Areas and Rights
- Acquisition of an interest in, and assumption of operatorship of, Block 3, located offshore São Tomé and Príncipe, in Africa.
- Acquisition of a 100% interest in a portion of the Argonauta Field (BC-10 Concession) ring-fence area, in the Campos Basin.
- Acquisition of a 50% interest in the Itaimbezinho Block, located offshore in the Campos Basin.
Progress of E&P Projects
- P-79: first oil in May and gas injection achieved 56 days after first oil, setting a new record among Petrobras-operated units, in June 2026.
- Execution of the contracts for the P-81 and P-87 FPSOs for SEAP I and II, in May 2026.
- Refinery Utilisation and Petroleum Product Output
- Quarterly record Refinery Utilisation Factor (RUF) of 101.2% in the second quarter of 2026, with April and May standing out as the indicator reached 102.5%.
- Petroleum product output reached 1.918 million bpd, an increase of 5.6% compared with the first quarter of 2026, with 68% of production consisting of higher value-added products: diesel, gasoline and jet fuel.
- During the quarter, record production levels were achieved for S10 diesel (509 thousand bpd) and jet fuel (109 thousand bpd).
Fertilisers
- Execution of the contracts for the resumption of construction works at UFN-III, in June 2026.
Marketing and Logistics
- A total of 6.1 thousand m³ of Sustainable Aviation Fuel (SAF), produced through co-processing at REDUC with 1% renewable content, was marketed.
- Petrobras Podium gasoline recorded its highest monthly sales volume in its 24-year history in May 2026, with 12.49 million litres sold.
- Monthly record for petroleum product throughput at the Central-West logistics hubs in May 2026.
- Arrival of the Janeiro Knutsen vessel on 29 June, with clearance completed in a record time of one day.
- Execution of the contract for the construction and operation of four RSV (Remotely Supported Vessel) vessels, in May 2026.
- In June 2026, 15.4 million barrels were transferred by CTV (Cargo Transfer Vessel), a vessel that enables the transfer of crude oil directly from offshore platforms to larger tankers at sea.
Source: Petrobras
