Petrobras reported net income of BRL 52.4 billion (USD 10.4 billion) in the second quarter of 2026, up 97 percent from the same period in 2025. This is one of the highest quarterly results on record.

According to the company, the results were driven by record oil production of 2.7 million barrels per day, a refinery utilization rate of 101 percent, and export growth to nearly one million barrels per day.

Notícias relacionadas:

• Petrobras discovers more natural gas off Colombia’s coast.
• Brazil’s oil, gas production up 14% in second quarter.
• Aircraft, oil, coffee, beef exempt from tariffs imposed by US.

The high refinery utilization rate resulted in daily production of 509,000 barrels of S-10 diesel and 109,000 barrels of jet fuel.

Total refined product output reached 1.9 million barrels per day, representing a 5.6 percent increase from the first quarter of 2026.

As refined product production increased, imports fell by 40 percent from the previous quarter.

“The operational records we achieved in this second quarter led to one of the strongest quarterly financial results in Petrobras’ history,” said Fernando Melgarejo, Chief Financial Officer and Head of Investor Relations.

Investments

Petrobras invested BRL 26.7 billion (USD 5.3 billion) in the second quarter of 2026. Of this amount, 82 percent was allocated to the exploration and production segment.

Notable investments this quarter included the construction of the P-80, P-82, and P-83 platforms, which are scheduled to begin operations in 2027.

Petrobras reported that total oil and gas production (crude oil, natural gas liquids, and natural gas) reached a record high of 3.34 million barrels of oil equivalent per day in the second quarter of 2026, 14.1 percent higher than in the same quarter last year and 3.4 percent higher than in the first quarter of 2026.

According to the company, this performance was driven by improved efficiency at the Maria Quitéria floating production unit in the Jubarte field, the Alexandre de Gusmão and P-78 units in the Mero field, and the start of production from the FPSO P-79 in the Búzios field.

Notícias relacionadas:

• Petrobras discovers oil in pre-salt layer off the coast of Rio.
• Petrobras installs new platform in Búzios, Brazil’s largest field.

The company reported that ten new producing wells began operation during the quarter, including four in the Campos Basin and six in the Santos Basin.

Exports

Higher production boosted exports to approximately 1 million barrels per day, while oil imports fell to 89,000 barrels per day in the second quarter, the lowest volume since the pandemic began.

During the same period, the refinery utilization rate reached 101.2 percent.

The company noted that, given the war in the Middle East and fluctuations in global oil prices, increased utilization of its refining capacity “has been essential to expanding the supply of refined products in the domestic market.”

Domestic market

Domestic sales remained at a level similar to that of the first quarter, as higher sales of diesel and LPG offset lower consumption of other products.