Brazilian state-owned energy company Petrobras reported net income of BRL52.4 billion (US$10.2 billion) in the second quarter of 2026, 97 per cent more than in the same period in 2025.
The company's adjusted gross operating profit was BRL93.8 billion (US$18.3 billion) in the same quarter.
The company's operating performance boosted the financial results of this quarter, marked by records in its own oil production in Brazil, which reached 2.7 million barrels per day, 15 per cent higher than in the second quarter of 2025, and in the use of the refining park, with a utilisation factor of 101 per cent, expanding the supply of oil products in the domestic market.
Operating cash flow reached BRL61.8 billion (US$12.1 billion), a growth of 46 per cent in 12 months.
Petrobras said the increase in oil production favoured the growth of exports in the quarter, which reached almost one million barrels per day. The high utilisation of the refining park resulted in higher production levels recorded in the period, with emphasis on 509 thousand bpd of S10 diesel and 109 thousand bpd of QAV.
Derivatives production reached 1.9 million bpd, which represents a growth of 5.6 per cent compared to Q1 2026. The company said that, in a period of volatility in the international market, this increase in the production of oil products favoured the reduction of imports by 40 per cent compared to the previous quarter.
"The operating records we achieved in this second quarter led us to one of the highest quarterly financial results in Petrobras' history," said Fernando Melgarejo, Petrobras' Chief Financial and Investor Relations Officer. "The increase in the volume of oil and oil products production, combined with higher Brent [figures], strengthened our cash generation."
BRL17.4 billion (US$3.4 billion) in dividends and interest on equity were approved for the period, which will be distributed among private and public shareholders.
Without the exclusive events, net income was BRL55.8 billion (US$10.9 billion). Adjusted gross operating profit, excluding exclusive effects, was BRL100.6 billion (US$19.6 billion).
Gross debt during the quarter was at US$70.8 billion, below the US$75 billion limit provided for in the 2026-2030 business plan. The company maintains the expectation of convergence to US$65 billion in the plan's outlook.
