(WO) — Petrobras reported record oil production during the second quarter of 2026, helping drive net income to R$52.4 billion (US$10.4 billion) as the company continued to ramp up output from its offshore pre-salt developments and advance major E&P projects.
The Brazilian operator said total oil and natural gas production reached a record 3.34 MMboed, while Petrobras-operated production climbed to 4.87 MMboed. Operated pre-salt production also reached a record 2.78 MMboed, supported by improved operating efficiency and the continued startup of new offshore developments.
Petrobras-operated oil production in Brazil averaged 2.7 MMbpd, up 15% from the second quarter of 2025, helping increase crude exports to nearly 1 MMbpd during the period.
“The operational records we achieved in the second quarter led us to one of the highest quarterly financial results in Petrobras’ history,” said Chief Financial Officer Fernando Melgarejo. “The increase in oil output, combined with higher Brent prices, strengthened our cash generation.”
The company invested R$26.7 billion (US$5.3 billion) during the quarter, with 82% of capital directed toward exploration and production projects supporting future output growth.
Petrobras continued advancing several major offshore developments during the quarter. The P-79 FPSO achieved first oil in May and reached gas injection just 56 days later, while construction progressed on the P-80, P-82 and P-83 FPSOs for the Búzios field, all scheduled to begin operations in 2027. The company also executed contracts for the P-81 and P-87 FPSOs supporting the Sergipe-Alagoas Deep Waters (SEAP) I and II projects.
The company also expanded its upstream portfolio through the acquisition of operatorship in Block 3 offshore São Tomé and Príncipe, a 100% interest in part of the Argonauta field in the Campos basin, and a 50% interest in the offshore Itaimbezinho Block.
Gross debt ended the quarter at US$70.8 billion, below the ceiling established in Petrobras’ 2026–2030 Business Plan, while shareholders approved R$17.4 billion in dividends and interest on equity.
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