Petrobras Nearly Doubles Profit to R$52,400 Million, Announces Dividends

Petrobras, the Brazilian state oil company, reported on August 6 a net profit of R$52,400 million (US$10,400 million) in the second quarter of 2026, 97% more than a year earlier, according to Bloomberg Línea. The figure exceeded bank forecasts and stands as one of the largest quarterly results in the company's history.

Days before the release, estimates from Bank of America and Citi already anticipated that the oil company would double its cash generation compared to the same period in 2025, with a net profit consensus of R$45,100 million, according to Bloomberg Línea. The result rested on two variables: production and price. Brazil's own crude output reached 2.7 million barrels per day, 15% more than a year earlier, according to Reuters; Brent averaged US$104.5 per barrel, 54% more than a year earlier, according to Bloomberg Línea.

Operating cash flow grew 46% to R$61,800 million and adjusted EBITDA reached R$93,800 million (US$18,600 million), up 79.6%, according to Bloomberg Línea. Refineries operated at an average utilization rate of 101.2%, a record, and crude exports approached 1 million barrels per day. The board approved R$17,400 million in dividends and interest on capital, approximately US$3,500 million, to be paid in two tranches in November and December. The quarter's capital investment totaled R$26,700 million, with 82% directed to exploration and production, and net debt closed at US$60,380 million. CFO Fernando Melgarejo attributed the result to increased production and higher Brent prices, according to World Oil. The figure adds to a high-cash quarter for state oil companies across the region.

The focus now shifts to second-half cash flows: banks warned that Brazil's crude export tax is pressuring forward estimates, according to Bloomberg Línea. Petrobras's ability to sustain shareholder returns will be tested by the two dividend tranches in November and December.

This article was written with artificial intelligence assistance based on verified sources and reviewed by a human editor before publication.