Petrobras recorded a net profit of BRL26.7 billion (US$4.91 billion) in the second quarter of 2025, highlighted by the increase in oil production that offset the impacts of a 10 per cent drop in Brent prices during the quarter.
Excluding one-off events, the quarter’s result was BRL23.2 billion (US$4.27 billion), reaching a level similar to that of the previous quarter.
The company's adjusted gross operating profit excluding one-off events for the quarter reached BRL57.9 billion (US$10.7 billion). Operating cash flow (OCF), which represents cash generation from the company’s operating activities, totaled BRL42.4 billion (US$7.8 billion) in the quarter, driven by the increase in oil and gas production.
Investments (capex) amounted to BRL25.1 billion (US$4.62 billion) in the second quarter of 2025, with a greater focus on pre-salt projects.
"We are accelerating our investments in highly attractive projects," said Petrobras’ CEO Magda Chambriard. "In the first six months of the year, we invested BRL48.8 billion (US$8.98 billion), a 49 per cent increase compared to the same period last year.
"On the operational side, we achieved excellent results: we produced 2.3 million barrels of oil per day in the second quarter. This represents a five per cent increase compared to the first quarter and about eight per cent compared to the same period last year."
In the second quarter of 2025, Petrobras paid a total of BRL66 billion (US$12 billion) in taxes to the federal, state, and municipal governments. A total of BRL8.7 billion (US$1.6 billion) in dividends and interest on equity was approved.
“We had excellent operational performance in the second quarter, driven by the implementation of new production systems and by improved efficiency in the fields in operation," added Petrobas' Chief Financial and Investor Relations Officer Fernando Melgarejo. "These factors allowed us to increase the volume of oil and gas, positively impacting financial results and offsetting the effects of the drop in Brent prices.
"Net profit, excluding one-off events in the period, remained at the level of the previous quarter, when we operated with a Brent price 10 per cent higher."
Net profit recorded in the second quarter was 24.3 per cent lower compared to the previous quarter but higher than in the same period last year, when the company posted a loss of BRL2.6 billion (US$480 million).
Gross debt stood at US$68.1 billion in June 2025, representing an increase of 5.5 per cent compared to the end of the previous quarter, mainly due to the growth in platform leasing, with the start-up of the FPSOs Alexandre de Gusmão and Almirante Tamandaré, which added 270 thousand barrels per day of production capacity for Petrobras.
The increase in production was mainly due to the ramp-up of the FPSOs Almirante Tamandaré in the Búzios field; Maria Quitéria in the Jubarte field; Anita Garibaldi and Anna Nery, in the Marlim and Voador fields; the achievement of maximum production capacity of Marechal Duque de Caxias, and the start-up of Alexandre de Gusmão, both in the Mero field.
In 2Q 2025, BRL25.1 billion (US$4.62 billion) was invested, an amount in line with the execution level planned for 2025. The exploration and production segment accounts for the largest share of this amount, with US$3.7 billion, focusing on the development of pre-salt production (Santos and Campos Basins) and post-salt production (Campos Basin), in addition to exploratory investments.