Petrobras 2Q26 Operational Summary
Business Context and Reporting Period
This Form 6-K filing covers Petrobras' operational results for the second quarter of 2026 (2Q26), reported in July 2026. The company operates primarily in Brazil with significant international exposure, focusing on Exploration & Production (E&P), Refining, Transportation & Marketing (RTM), and Gas & Low Carbon Energies. The reporting period highlights record-breaking production levels and strategic milestones in the pre-salt sector.
Key Financial and Operational Metrics
Production Volumes (2Q26):
- Total Own Production: 3.34 MM boed (Record high; +14.1% vs 2Q25).
- Total Operated Production: 4.87 MM boed (Record high; +15.8% vs 2Q25).
- Pre-Salt Own Production: 2.78 MM boed (+16.7% vs 2Q25).
- Refining Utilization (FUT): 101.2% (All-time record).
- Oil Products Output: 1,918 mbpd (+10.9% vs 2Q25).
Trade Balance:
- Net Exports: 1,075 mbpd (+104.4% vs 2Q25).
- Crude Oil Imports: 89 mbpd (Lowest since the pandemic).
- Oil Products Imports: 67 mbpd (Lowest quarterly volume on record).
Financials: The filing text does not provide specific revenue, profit, cash flow, or debt figures. It focuses exclusively on operational volumes and physical metrics.
Material Changes vs. Prior Period
Production Growth: Total own production increased by 14.1% year-over-year, driven by the ramp-up of FPSOs Maria Quitéria, Alexandre de Gusmão, and P-78, and the start-up of FPSO P-79 in the Búzios field. Operational efficiency gains added 70 mbpd compared to 2Q25.
Refining Performance: Refinery utilization hit a record 101.2%, with monthly peaks of 102.5% in April and May. This high utilization reduced the need for diesel imports by 63.3% compared to 2Q25.
Export Diversification: While China's share of crude exports dropped to 35% (from 62% in 1Q26), exports to India (22%) and Europe (18%) increased. Petrobras secured five new international customers for its crude oils.
Outlook, Management Commentary, and Risks
Management Commentary: Management emphasized that operational efficiency and asset integration were critical in a volatile international scenario. The start-up of P-79 occurred three months ahead of the 2026-30 Business Plan schedule. The Búzios field reached a record average production of 1.2 MM bpd.
Strategic Initiatives:
- Sustainable Fuels: Sold 6.1 thousand m³ of Sustainable Aviation Fuel (SAF) and achieved 8.5% renewable content in Diesel R testing.
- Carbon Strategy: Agreed to purchase 5 million carbon credits from Amazon restoration projects via BNDES.
- Logistics: Modernized the shuttle tanker fleet with the arrival of MT JANEIRO KNUTSEN and set records for crude transfer via Cargo Transfer Vessels (CTVs).
Risks and Contingencies: The filing notes a volatile international scenario marked by geopolitical tensions in the Middle East. To mitigate Brent price volatility impacts on natural gas sales, Petrobras introduced a price band mechanism (floor and cap) for customers. Forward-looking statements regarding 3Q26 onwards are estimates and not guarantees.
Investor Verification Checklist
- Verify the impact of the new Brent price band mechanism on natural gas revenue stability.
- Confirm the sustained operational efficiency of the Búzios field post-P-79 start-up.
- Monitor the reduction in diesel imports and its effect on domestic margin stability.
- Assess the progress of the RPBC HEFA project (FID approved) for 2030 start-up.
- Review the full audited financial statements for 2Q26 revenue and profit figures, as they are not included in this operational report.