Brazilian energy company Petrobras reported net income of BRL52.4 billion ($10.4 billion) for the second quarter of 2026, up 97 per cent from the corresponding period of 2025. Adjusted EBITDA reached BRL93.8 billion, supported by record operating performance across its exploration and refining businesses.
Petrobras-operated oil production averaged 2.7 million barrels per day during the quarter, an increase of 15 per cent year-on-year, while refinery utilisation reached 101 per cent.
Operating cash flow rose 46 per cent over the previous 12 months to BRL61.8 billion, contributing to a 40 per cent reduction in imports compared with the first quarter of 2026.
The company attributed the stronger financial performance to higher production volumes and firmer Brent crude prices.
Chief Financial Officer and Investor Relations Officer Fernando Melgarejo said the operational records achieved during the quarter resulted in one of the strongest quarterly financial performances in Petrobras' history.
Petrobras paid BRL88.6 billion in taxes and government levies during the period, approximately BRL22 billion more than in the second quarter of 2025. The board also approved dividends and interest on equity totalling BRL17.4 billion for distribution to public and private shareholders.
Excluding one-off items, net income amounted to BRL55.8 billion, while adjusted EBITDA totalled BRL100.6 billion ($20 billion). Gross debt stood at $70.8 billion at the end of the quarter, remaining below the $75 billion ceiling set out in the company's 2026–2030 business plan.
Capital expenditure reached BRL26.7 billion during the quarter, with 82 per cent allocated to exploration and production activities. Investments included the construction of the P-80, P-82, and P-83 floating production units for the Búzios field, as well as well tie-in work for the P-78 and P-79 platforms.
Total oil and natural gas production reached a record 3.34 million barrels of oil equivalent per day, supported by a 3.1 per cent improvement in operating efficiency. The Búzios field also achieved a combined production milestone of 1.219 million barrels per day on June 26 following the start-up of P-79.