Petrobras 2Q26 Performance Summary
Business Context and Reporting Period
This Form 6-K summarizes Petrobras' operational and financial performance for the second quarter of 2026 (ended June 30, 2026), based on a webcast presentation dated August 7, 2026. The company reported record-breaking production levels, significant operational efficiency gains, and strong financial results driven by pre-salt asset performance and refinery utilization.
Key Financial and Operational Metrics
- Production: Total oil and natural gas production reached a record 3.34 MMboed. Own production in Brazil hit 2.7 MMbpd (up 15% YoY), while total operated production reached 4.87 MMboed.
- Refining: Achieved a record quarterly Refinery Utilization Factor (FUT) of 101.2%. Oil products output was 1,918 mbpd, with 68% yield in high-value products (diesel, gasoline, jet fuel).
- Financial Results (2Q26):
- Operating Cash Flow (OCF): US$ 12.3 billion.
- Net Income: US$ 11.1 billion.
- Adjusted EBITDA: US$ 20.0 billion.
- Debt and Liquidity:
- Net Debt: US$ 43.7 billion.
- Gross Debt: US$ 62.1 billion.
- Adjusted Cash and Cash Equivalents: US$ 10.4 billion.
- Early redemption of US$ 670 million in Global Notes due 2027.
- Taxes: Taxes paid in 2Q26 totaled R$ 34.2 billion, an increase of R$ 22 billion compared to 2Q25.
Material Changes vs. Prior Period
- Production Growth: Operational efficiency improved by 3.1% YoY, adding 70,000 bpd. Own production in Brazil increased 15% compared to 2Q25 and 4% compared to 1Q26.
- Gas Production: Commercial gas production rose 18.7% in the first half of 2026 compared to the first half of 2025.
- Refining Efficiency: Oil products output increased 5.6% quarter-over-quarter. Imports of diesel and crude oil reached the lowest levels since the pandemic.
- Financial Performance: Operating Cash Flow increased 63% YoY (from US$ 7.5 billion in 2Q25 to US$ 12.3 billion in 2Q26). Net Income rose 70% YoY.
Outlook, Management Commentary, and Risks
- Operational Milestones: The P-79 platform in the Búzios field started up three months ahead of the 2026-30 Business Plan, achieving first oil in May 2026. Contracts for P-81 and P-87 FPSOs were signed in May 2026.
- Exploration: New pre-salt discovery in the Campos Basin (1-BRSA-1404DC-RJS) and confirmation of a new gas discovery in the Copoazú-1 well.
- Strategic Initiatives: Introduction of a Brent-linked price band mechanism for natural gas sales to mitigate volatility. Approval of the FID for the RPBC Biorefining project.
- Guidance: 1H26 results are tracking within the 2026 projections of the 2026-30 Business Plan (Oil Production ±4%, Cash Capex ±5%).
- Risks and Disclaimers: The filing contains forward-looking statements regarding future economic circumstances, commodity prices, and reserve estimates. The company notes that oil and gas resources presented do not qualify as proved, probable, or possible reserves under SEC Regulation S-X. Risks include political developments, exchange rates, and uncertainties in reserve estimates.
Investor Verification Checklist
- Verify the reconciliation of Adjusted EBITDA and Net Income to IFRS measures, as these are non-GAAP metrics.
- Confirm the specific terms of the Brent-linked natural gas price band mechanism and its impact on future revenue stability.
- Review the detailed breakdown of the US$ 10.4 billion in adjusted cash and cash equivalents versus restricted cash.
- Assess the timeline and capital requirements for the newly approved RPBC Biorefining project and the P-81/P-87 FPSO contracts.
- Monitor the progress of the early debt redemption strategy and its effect on the 2026-30 leverage targets.