Petrobras reports net profit of R$ 32.7 billion in the first quarter of 2026

In the first three months of 2026, Petrobras achieved a net profit of R$ 32.7 billion (US$ 6.2 billion), an increase of 110% compared to the fourth quarter of 2025. Adjusted EBITDA reached R$ 59.6 billion (US$ 11.3 billion). The strong financial results achieved are supported by the company's excellent operational performance. In the first quarter of the year, highlights include the increase in total own production, which grew 16% compared to the same period in 2025, and the increase in the production and sale of refined products, which contribute to strengthening national energy security.

Compared to 4T25, the 27% increase in Brent prices and the appreciation of the Brazilian real against the U.S. dollar also contributed positively to the results. Cash generation remained strong, with Operating Cash Flow reaching R$ 44 billion (US$ 8.4 billion).

During this quarter, investments totaled R$ 26.8 billion (US$ 5.1 billion), confirming Petrobras as the company that invests the most in Brazil. Compared to the first quarter of 2025, there was a 25.6% increase in the level of investments made by the company. These resources, used responsibly, generate greater economic development, jobs, and income for Brazilians.

"Our investments are being converted into growth in oil and refined products production, demonstrating the strength and effectiveness of our value creation strategy. Once again, we achieved record oil and gas production and are transforming the efficiency of our refineries into gains. We operated our refining facilities in the first quarter close to maximum capacity, prioritizing higher value-added products, and delivered record production of S-10 diesel," stated the Chief Financial and Investor Relations Officer, Fernando Melgarejo.

Return to society

Petrobras returned R$ 72.4 billion to society in 1Q26 through taxes, royalties, and special participation payments made to the federal government, states, and municipalities. The company is the country's largest taxpayer, accounting for approximately 7% of total national tax revenues, ensuring resources for public investments.

An additional R$ 9 billion in dividends and interest on equity was also approved for the period, to be distributed among private and public shareholders.

Furthermore, Petrobras's operations and investments generate qualified jobs and stimulate the oil and gas supply chain and the service industry throughout the country.

Non-recurring events

Excluding non-recurring events in 1T26, adjusted EBITDA reached R$ 61.7 billion (US$ 11.7 billion), 4.5% higher than in 4Q25, driven by increased sales of refined products produced and lower operating expenses, especially the reduction in exploration costs. Net profit for 1Q26, excluding non-recurring events, was R$ 23.8 billion (US$ 4.5 billion), a decrease of 7.2% compared to 4T25.

Gross debt totaled US$ 71.2 billion in the quarter, within the limit established in the 2026–2030 Business Plan, below US$ 75 billion. The company maintains its expectation of converging to US$ 67 billion in 2026 and US$ 65 billion within the Business Plan horizon.

Operational highlights

Production records

• Record operating production (4.65 million boed), record total own production (3.23 million boed), and record total own production in the pre-salt layer (2.66 million boed).
• Platforms in the Santos Basin achieved a daily gas export record of 44.8 million m³ on March 28.

FPSO contracting

• Conclusion of negotiations for the contracting of two FPSOs for the SEAP I and II projects under the BOT (Build, Operate and Transfer) model.

Equatorial Margin

• Renewal of the Operating License allowing the drilling of two additional exploratory wells in the PAD Pitu area and in block POT-M-762.

Acquisition of new areas and rights

• Acquisition of a 42.5% stake in Block 2613, located offshore the Namibia, in Africa.
• Acquisition of a stake and assumption of operations in Block 3, offshore São Tomé and Príncipe, in Africa.
• Acquisition of a 50% stake in the Tartaruga Verde Field and in Module III of the Espadarte Field.

New discoveries

• New pre-salt discovery in the Campos Basin, in exploratory well 1-BRSA-1404DC-RJS drilled in Sector SC-AP4 of the Campos Basin, block C-M-477.
• Discovery of high-quality oil in the pre-salt layer of the Campos Basin, in exploratory well 3-BRSA-1397-RJS drilled in the Marlim Sul Field.
• Third gas discovery in Colombia at the Copoazú-1 well.

Contracting of Thermoelectric Power Plants (TPPs) in the 2026 Capacity Reserve Auction

• Nine thermoelectric plants from the thermoelectric portfolio were contracted in the Capacity Reserve Auction – LRCAP26, totaling approximately 2.6 GW of power between 2026 and 2031, with estimated fixed revenue of R$ 44 billion throughout the contract period.

Refined products production

• In 1Q26, 1.81 million bpd of refined products were produced, 6.7% higher than in 4Q25, with 68% of production consisting of higher value-added products: diesel, gasoline, and jet fuel. In March, a monthly refining record for S-10 diesel production was achieved (512 thousand bpd).

High refinery utilization rate and pre-salt processing

• The Refinery Utilization Factor (RUF) reached 95% during the quarter, reaching 97.4% in March, the highest monthly utilization rate of the refining park since December 2014. Pre-salt oil processing reached 69%, contributing to the generation of higher value-added refined products.

Lower LPG import volume (26 thousand bpd)

• This achievement is due to increased production at the Boaventura Energy Complex, together with higher utilization of the refining park.

New clients

• New contracts for oil exports to India, strengthening Petrobras' presence and competitiveness in that market.
• Contract with Vale in Minas Gerais to supply S-10 diesel containing 15% biodiesel. The partnership reinforces the company's closer relationship with end consumers

Ship-to-ship operations

• Historic milestone of 1,500 operations at the Angra dos Reis Terminal.

Click here to access the full Petrobras' 1Q26 Financial Performance Report