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Petrobras Q2 profit nearly doubles as oil production hits a record

Second-quarter net income rose 97% year over year to R$52.4 billion, helped by higher crude prices and record upstream output, with operating cash flow up 46% to R$61.8 billion.

Saturday, August 8, 2026 · Written up by our desk · Energy

Petrobras reported second-quarter 2026 net income of R$52.4 billion, about $10.4 billion, nearly doubling from the same period a year earlier as higher oil production and stronger crude prices boosted results, according to Yahoo Finance. The company said adjusted EBITDA reached R$93.8 billion, or about $18.6 billion. Operating cash flow climbed 46% year over year to R$61.8 billion, or about $12.3 billion. Excluding what Petrobras characterized as one-off items, net income was R$55.8 billion and adjusted EBITDA was R$100.6 billion. Petrobras attributed the earnings increase to record production. Its own oil output in Brazil reached 2.7 million barrels per day, 15% above the second quarter of 2025. Total oil and natural gas production hit a record 3.34 million boe per day, with operated production at 4.87 million boe per day, and pre-salt operations making up much of the growth, including record pre-salt output of 2.78 million boe per day. In addition to upstream growth, Petrobras ran its refining system at unusually high utilization rates, with an average refinery utilization factor of 101.2% during the quarter. The higher domestic refining output contributed to a 40% quarter over quarter reduction in product imports, and the company invested R$26.7 billion, with 82% directed toward exploration and production.

Latest closeWTI crude $78.07 ▲3.8%|Nat gas $2.620 ▼2.5%

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