Petrobras Reports Record Production and R$39.8 Billion Q3 Profit
Petrobras increased its 2026 production and spending forecasts after reporting a 21.5% rise in third-quarter net income to R$39.8 billion.
The Brazilian state-controlled oil company Petrobras reported a 21.5% increase in third-quarter net income, reaching R$39.8 billion ($7.7 billion). The growth was driven by higher crude prices, strong refining performance, and record oil and gas production, which averaged 3.51 million barrels of oil equivalent per day (boe/d). This figure marks the company's third consecutive quarterly production record in 2026.
Following these results, the company raised its 2026 average oil and gas production forecast to between 3.3 million and 3.4 million boe/d. Petrobras also increased its projected operating cash generation to between $45 billion and $50 billion. Due to currency effects and faster project execution, the company raised its 2026 capital expenditure forecast to a range of $24 billion to $25.5 billion.
Despite reports that the profit missed some analyst expectations, the company approved R$15.3 billion in dividends and interest on equity for shareholders. Additionally, Petrobras reduced its net debt to $57.8 billion.
