Petrobras achieved a net profit of R$26.7 billion ( US$4.7 billion ) in the second quarter of 2025, driven by increased oil production that offset the impact of the 10% drop in Brent prices during the quarter. Excluding one-off events, the quarter's result was R$23.2 billion (US$4.1 billion), reaching a level similar to the previous quarter.
Adjusted EBITDA excluding exclusive events for the quarter reached R$57.9 billion (US$10.2 billion). Operating Cash Flow (OCF), which represents cash generation from the company's operating activities, totaled R$42.4 billion (US$7.5 billion) in the quarter, driven by increased oil and gas production. Capital expenditures (Capex) totaled R$25.1 billion (US$4.4 billion) in the second quarter of 2025, with a greater focus on pre-salt projects. The 2Q25 financial results were released this Thursday (07/08).
Photo: Petrobras
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'We are accelerating our investments in highly attractive projects. In the first six months of the year, we invested R$48.8 billion, a 49% increase compared to the same period last year. On the operational front, we achieved excellent results: we produced 2.3 million barrels of oil per day in the second quarter. This represents a 5% increase compared to the first quarter and approximately 8% compared to the same period last year,' stated Petrobras CEO Magda Chambriard.
In the second quarter of 2025, Petrobras paid a total of R$66 billion in taxes to the federal government, states, and municipalities. R$8.7 billion in dividends and interest on equity were approved.
'We had excellent operational performance in the second quarter, driven by the implementation of new production systems and improved efficiency in operating fields. These factors allowed us to increase oil and gas volumes, positively impacting our financial results and offsetting the impacts of the drop in Brent prices. Net income, excluding the unique events of the period, remained at the same level as the previous quarter, when we operated with 10% more Brent,' explains Fernando Melgarejo, Chief Financial and Investor Relations Officer.
Net profit recorded in the second quarter was 24.3% lower when compared to the previous quarter, but higher than the same period last year, when the company recorded a loss of R$2.6 billion.
Gross debt reached US$68.1 billion in June 2025, representing a 5.5% increase compared to the end of the previous quarter, mainly due to the growth in platform leasing, with the entry into operation of the FPSOs Alexandre de Gusmão and Almirante Tamandaré, which added 270 thousand barrels per day of production capacity for Petrobras.
Investments leverage production curve
The increase in production occurred mainly due to the ramp-up (gradual increase in production) of the FPSOs Almirante Tamandaré, in the Búzios field, Maria Quitéria, in the Jubarte field, Anita Garibaldi and Anna Nery, in the Marlim and Voador fields, the reaching of the maximum production capacity of Marechal Duque de Caxias and the entry into production of the FPSO Alexandre de Gusmão, both in the Mero field.
In 2Q25, R$25.1 billion (US$4.4 billion) was invested, in line with the execution level planned for 2025. The Exploration and Production segment represents the largest portion of this amount, with US$3.7 billion, focusing on the development of production in the pre-salt (Santos and Campos Basins) and post-salt (Campos Basin) layers, in addition to exploratory investments.
Investments in the first six months of 2025 total R$48.8 billion (US$8.5 billion), with 85% allocated to E&P projects. These investments have already had a positive impact on the company's production curve, with the commissioning and ramp-up of platforms, in addition to efficiency improvements, maintenance schedule adjustments, and efficient reservoir management. With the ongoing efforts, average oil and gas production is expected to close 2025 at the upper end of the target range.
In the Refining, Transportation and Marketing segment, investments were directed towards the reactivation of the Araucária Nitrogenados SA fertilizer factory, in addition to the completion of the expansion work (REVAMP) of RNEST Train 1 at the end of March and the start of operations of the diesel hydrotreatment unit (HDT) at REPLAN, in May.
Main operational highlights
Petrobras' oil and NGL production reached 2.32 million bpd (barrels of oil per day), a 5% increase over the previous quarter. In May, the FPSO Marechal Duque de Caxias reached maximum production capacity with only four producing wells. Production also began on the FPSO Alexandre de Gusmão in the Mero field, which has a production capacity of 180,000 bpd and processing capacity of 12 million m³/day of gas.
The P-78 platform vessel is in transit to Brazil, becoming the first platform to be towed to the location with crew on board, which will allow production to begin approximately two weeks earlier. Its production capacity will be 180,000 barrels of oil per day, in addition to compressing up to 7.2 million cubic meters of gas per day.
A new discovery of excellent quality oil was confirmed in the Santos Basin pre-salt layer, in an exploratory well in the Aram block. Ten additional exploration blocks were acquired in the Equatorial Margin and three in the Pelotas Basin in the ANP's 5th Permanent Bidding Round. Petrobras also declared interest in nine exploration areas in Ivory Coast.
In June, the first contracts for the completion of RNEST Train 2 were signed. This important milestone will allow the refinery's nominal capacity to be expanded starting in 2026, doubling to 260,000 bpd by 2029. REPLAN's new HDT entered operation, enabling the expansion of jet fuel production by up to 21,000 bpd and S-10 diesel by up to 63,000 bpd, contributing to the phase-out of S-500 diesel and enabling the full conversion of REPLAN's diesel production.
The Refining park reached 91% FUT (utilization factor) while maintaining the yield of high value-added derivatives, with 68% of diesel, gasoline and QAV in the total production volume.
Source: Petrobras
