Petrobras Reports Record Production and Net Income in Second Quarter 2026
The Brazilian oil giant posted net income of $11.1 billion in 2Q26, driven by operational efficiency gains and record refinery utilization.
Record Production Levels
Petróleo Brasileiro S.A. - Petrobras reported a series of operational milestones in its second quarter 2026 performance webcast, filed with securities regulators on August 7, 2026.
The company's total oil and natural gas production reached a new record of 3.34 million barrels of oil equivalent per day (MMboed), with total operated production hitting 4.87 MMboed and pre-salt production reaching 2.78 MMboed (6-K filing, 2026-08-07). Brazilian own oil production specifically climbed to 2.7 million barrels per day, representing a 15% increase compared to 2Q25 and a 4% increase versus 1Q26.
Operational efficiency improvements drove an additional 70,000 barrels per day year-over-year, "driven by operational efforts, strategic initiatives, and spending on maintenance and integrity" (6-K filing, 2026-08-07). The company brought online its P-79 platform in the Búzios field three months ahead of the 2026-30 Business Plan schedule, achieving first oil in May and gas injection 56 days later, "a new record for owned units" (6-K filing, 2026-08-07).
Refining Performance
Petrobras set a quarterly refinery utilization factor record of 101.2% in 2Q26, with April and May reaching 102.5% (6-K filing, 2026-08-07). Oil products output increased 5.6% sequentially to 1,918 thousand barrels per day, with 68% concentrated in higher value-added products including diesel, gasoline, and jet fuel.
The company processed 73% of pre-salt oils in its refining system and reached 100% processing capacity for these oils in distillation feedstock (6-K filing, 2026-08-07). Diesel and crude oil imports fell to their lowest levels since the pandemic.
Financial Results
Net income excluding one-off events totaled $11.1 billion in 2Q26, up 170% from $4.1 billion in 2Q25 and 146% from $4.5 billion in 1Q26 (6-K filing, 2026-08-07). Adjusted EBITDA excluding one-off items reached $20.0 billion, compared to $10.2 billion in the prior-year quarter.
Operating cash flow climbed 95% year-over-year to $10.4 billion (6-K filing, 2026-08-07). The company executed early redemption of its 7.375% Global Notes due 2027, in the principal amount of $670 million.
Net debt declined to $60.4 billion in 2Q26 from $62.1 billion in 1Q26, with gross debt falling to $70.8 billion from $71.2 billion (6-K filing, 2026-08-07).
Tax Contributions and Guidance
Tax payments on a cash basis totaled 88.6 billion reais in 2Q26, up 22 billion reais from 2Q25, equivalent to 88 billion reais in additional revenue on an annualized basis (6-K filing, 2026-08-07).
The company is tracking toward its full-year 2026 projections disclosed in the 2026-30 Business Plan, with first-half oil production of 2.6 MMbpd against a full-year target of 2.5 MMbpd (±4%), and cash capex of $9.1 billion in 1H26 versus a full-year projection of $16.9 billion (±5%) (6-K filing, 2026-08-07).
The filing was signed by Chief Financial Officer and Investor Relations Officer Fernando Sabbi Melgarejo on August 6, 2026.
This article was generated by MarginX from the 6-K filing on 2026-08-07. It is not investment advice.