Petrobras has reported net profit of 32.7bn reais for the first quarter of 2026 (Q1 2026), a 7.2% decline in local currency from 35.2bn reais recorded in the same period the previous year.
The Brazilian state-owned petroleum company’s sales revenues, in terms of US dollars, rose by 11.7% to $23.5bn from $21.1bn in Q1 2025.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter stood at $11.3bn, an 8.6% increase compared to $10.4bn in Q1 of the previous year.
Operating income for the reported quarter was down by 2.9% at $7.3bn from $7.5bn in Q1 2025.
Segment-wise, the Exploration and Production segment reported sales revenues of $16bn, while the Refining, Transportation, and Marketing segment achieved $22.3bn in sales.
The Gas and Low Carbon Energies segment recorded sales revenues of $2.2bn, reflecting an 18.5% increase from the previous year.
Petrobras said that it maintained strong cash generation with operating cash flow of $8.4bn and free cash flow of $3.9bn.
The company’s gross debt increased by 10.4% year-over-year to $71.2bn, while net debt rose by 10.8% to $62.1bn.
Petrobras chief financial officer and investor relations officer Fernando Melgarejo said: “We delivered consistent financial results in the first quarter of 2026, maintaining strong cash generation with operating cash flow of $8.4bn, sustained by the excellent performance of our assets and by record oil and gas production.
“Our investments are being converted into production growth, vindicating our solid and effective value generation strategy.”
Operationally, Petrobras achieved a 3.7% increase in oil and gas production compared to the previous quarter, driven by the start-up of new production systems and increased capacity at existing facilities.
Petrobras said that gas exports from Santos Basin units reached a daily record of 44.8 million cubic metres (mcm) in March 2026.
Two floating production, storage and offloading units were secured during the quarter for the SEAP I and II developments under a build-operate-transfer contracting structure.
During the period, Petrobras expanded its portfolio by purchasing a 42.5% interest in Block 2613 offshore Namibia.
It also obtained an interest in Block 3 off São Tomé and Príncipe and took over as operator of that asset.
In Brazil, the company acquired a 50% stake in the Tartaruga Verde field and in Module III of the Espadarte field.
In terms of exploration results, a new pre-salt accumulation was identified in the Campos Basin through well 1-BRSA-1404DC-RJS in Sector SC-AP4 (block C-M-477).
Another well in the Marlim Sul area (3-BRSA-1397-RJS) confirmed the presence of high-quality oil in the pre-salt section.
In Colombia, the Copoazú-1 well delivered the company’s third gas discovery in the country.
Looking ahead, Petrobras anticipates that the effects of recent oil price increases will be reflected in 2Q26 export sales, as export pricing is typically based on quotations from the month prior to cargo arrival.
Earlier this month, the company announced the start-up of the P-79 FPSO unit at the Búzios 8 project, with a production capacity of 180,000 barrels of oil per day.
The FPSO’s tie-in to the Rota 3 pipeline enables incremental gas flows to shore, with the potential to lift Brazil’s gas supply by up to 3mcm daily.
