Nov. 10 – In a quarter marked by strong operational performance, with record results in the E&P, Refining and Marketing segments, Petrobras reported net income of BRL 39.8 billion (US$ 7.7 billion) in the third quarter of 2024. Excluding one-off items in the quarter, net income reached BRL 47.9 billion (US$ 9.3 billion), representing a 68% increase compared to the same period in 2025. Adjusted EBITDA was BRL 85.8 billion (US$ 16.7 billion); excluding one-off items, it reached BRL 94.5 billion (US$ 18.4 billion). Operating cash flow (OCF) reached BRL 61.8 billion (US$ 12 billion), an increase of 15% over twelve months.
Read the full Petrobras 3Q26 Financial Performance Report here.
“In the third quarter of this year, we once again achieved record oil and gas production, raising our production curve to an all-time high for the company. We had projected an average production of 3.1 million barrels of oil equivalent per day for the year, but our latest estimates now point to an average of between 3.3 million and 3.4 million barrels per day. This performance demonstrates the strength of our operational management, which has been able to extract the maximum potential from our assets, as well as our ability to execute the excellent projects that make up Petrobras’ portfolio. “In Refining, we achieved record diesel production and an average refinery utilization factor of 99% this quarter, which was essential to ensuring Brazil’s energy security during this geopolitical crisis,” says Magda Chambriard, CEO of Petrobras.
In 2026, Petrobras broke its quarterly oil production record three consecutive times. Production growth was achieved through enhanced operational efficiency in E&P assets, investments in platform maintenance and integrity, and improved reservoir management. In addition, 11 platforms were authorized to safely operate above their original production capacity without requiring additional investment in the production units.
Domestic sales of refined products reached 1.854 million barrels per day in the quarter, the highest volume since 3Q21 and the best performance achieved with the current refining capacity. Petrobras also reported a quarterly record in diesel production, at 769 mbpd. Total production of refined products reached 1,873 mbpd in 3Q26, with refineries operating at 99% of their Total Utilization Factor (TUF).
“Our excellent operational performance in the quarter led to strong cash generation. These funds supported investments that are accelerating the execution of our projects and bringing forward the start of new production whenever possible. Operating cash flow also ensured the payment of dividends to shareholders and contributed to the reduction of the company’s financial debt. In this way, we are accelerating the profitable investments that make up the company’s unique portfolio and will continue to generate value through growth and operating cash flow,” explains Fernando Melgarejo, Chief Financial and Investor Relations Officer.
BRL 33 billion (US$6.4 billion) was invested in the third quarter of 2026. In the Exploration and Production segment, Petrobras invested BRL 27.5 billion (US$ 5.3 billion), primarily reflecting progress in platform construction and well tie-ins, aimed at sustaining the company’s upward production trend.
In 3Q26, gross debt reached US$ 70 billion, down 1.2% from the previous quarter. Net debt reached US$ 57.8 billion in the period, down 4.2% from 2Q23.
Return to Society
Petrobras’ earnings flow back to society through tax collection, ensuring funds for public investments. municipais e em participações governamentais (PGOV). Cumulative payments through the third quarter of 2026 totaled BRL 251.3 billion, comprising taxes paid to federal, state, and municipal governments, as well as government take (PGOV). This is the highest cumulative amount ever recorded for the period, compared to the historical series.
In addition, BRL 15.3 billion in dividends and interest on equity were approved for the period, to be distributed among private and public shareholders.
Operating Highlights
Operational efficiency and technological innovation
– Record total operated production: 3.51 million boe/d, including 2.96 million boe/d from the pre-salt.- The P-78 and FPSO Alexandre de Gusmão reached peak production of 180,000 barrels per day each and were authorized to operate above this capacity.- Installation of the world’s first Intelligent Electric Completion in ultra-deep waters
Exploratory advances
– In the Equatorial Margin, three oil discoveries were made in the Morpho well between August and October 2023 in block FZA-M-59, reinforcing the area’s exploratory potential.
– In Colombia, gas was discovered in the Sandia-1 well in Block GUA-OFF-0, reinforcing the region’s offshore gas potential.
Expansion of the exploratory portfolio
Brazil
– The company won 21 blocks in the ANP auctions. Two under the production sharing regime, with a 100% participating interest: Azurita (Campos Basin) and Cruzeiro do Sul (Santos Basin); and another 19 under the concession regime: 12 in the Campos Basin (100%) and 7 in the Ceará Basin (70%), in partnership with QatarEnergy Brasil Ltda. (30%).
Africa
– Production-sharing contracts were signed for 8 offshore blocks in Côte d’Ivoire, with Petrobras as the operator and holding a 90% stake.
– Completion of the acquisition and assumption of operations for Block 3 in São Tomé and Príncipe, with a 75% stake
– Petrobras has expressed interest and begun negotiations for four offshore blocks in the Keta Basin in Ghana.
New production systems
– Sail away of the P-80 and P-82 units, bound for the Búzios field, each with a nominal capacity to produce 225 mbpd and compress 12 MM m³/d of natural gas. Both scheduled to enter service in 2027
Refined products output
– Record diesel production of 769 mbpd
– Refinery Total Utilization Factor (TUF) remained high at 99%, up 5 percentage points from 3Q25.
Refined Product Sales
– Record domestic sales of 1,854 mbpd, the highest volume since 3Q21 and the best result, considering the current refining capacity
– Combined crude oil and refined product exports totaled 1.251 million barrels per day.
Sustainable fuels
– REDUC: Start of sustainable aviation fuel (SAF) supply to the international market and authorization to produce Diesel R (8.5% renewable content).
– REVAP: Production of 95,000 metric tons of asphalt with renewable content.
Efficiency in oil logistics operations
– Monthly record for oil shipments for export: 37.8 million barrels
– Record monthly volume handled by Cargo Transfer Vessels (CTVs), reaching 6.6 million barrels of oil transferred.
– Delivery of the platform supply vessel (PSV) Starnav Elektra, the first vessel under the Mar Aberto Program, featuring energy efficiency technologies and designed to operate partially on renewable fuel in the future.
Decarbonization
– Obtaining the environmental license and signing contracts for the implementation of the São Tomé CCS Pilot Project, a pioneering initiative to test the entire carbon capture and storage chain in a saline reservoir.
– Rota Verde (Green Route): Launch of tests using fuel with renewable content in the company’s vessels to support the development of lower-carbon-intensity marine fuels
- CAP Pro W 30/45 R: validation of a solution with 40% recycled asphalt in the mix, compared to the usual 15% to 20%, while maintaining quality, performance and durability
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