Petrobras 1Q26 Operational Summary
Business Context and Reporting Period
This Form 6-K filing covers the first quarter of 2026 (ended March 31, 2026) for Petrobras (Petróleo Brasileiro S.A.). The report details operational performance across Exploration & Production (E&P), Refining, Transportation & Marketing (RTM), and Gas & Low Carbon Energies (G&LCE). The data is unaudited and includes forward-looking statements regarding future production targets and project timelines.
Key Financial and Operational Metrics
Production Records:
- Total Own Production: 3.23 million boed (record high), up 3.7% QoQ and 16.1% YoY.
- Total Operated Production: 4.65 million boed (record high), up 2.7% QoQ.
- Pre-Salt Own Production: 2.66 million boed, up 3.9% QoQ.
- Refining Output: 1,816 Mbpd, up 6.7% QoQ.
- Refinery Utilization: 95% (6 p.p. increase QoQ), reaching 97.4% in March.
Sales and Trade:
- Domestic Oil Product Sales: 1,745 Mbpd, down 1.5% QoQ due to seasonality.
- Net Exports: 852 Mbpd, up 1.3% QoQ, driven by reduced imports of diesel and LPG.
- Crude Oil Exports: 888 Mbpd, with China accounting for 62% of the volume.
Financials: The filing text does not provide specific revenue, profit, cash flow, debt, or liquidity figures. It focuses exclusively on operational volumes and physical metrics.
Material Changes vs. Prior Period
- Production Growth: Significant increases in pre-salt production (3.5% QoQ) driven by the ramp-up of FPSOs P-78 (Búzios) and Alexandre de Gusmão (Mero). Post-salt production rose 1.7% QoQ.
- Refining Efficiency: Diesel production increased 7.4% QoQ, with a monthly record of 512 Mbpd for S10 diesel in March. Naphtha production surged 30.3% QoQ.
- Import Reduction: LPG imports dropped to 26 Mbpd (lowest volume), attributed to increased domestic supply from the Boaventura Energies Complex.
- Gas Sales: Natural gas sales rose 2.2% QoQ, while imports from Bolivia decreased 22.2% QoQ due to higher domestic availability.
- Emissions: Operational GHG emissions increased to 12.3 million tons (1Q26) from 11.3 million tons (1Q25), primarily due to higher production volumes and new unit startups.
Outlook, Management Commentary, and Risks
Management Commentary: Management highlighted record operational reliability and efficiency. Key achievements include the P-78 platform achieving 100k bpd with only two wells and starting gas injection in a record 61 days. The P-79 platform mooring was completed in 12 days. The company secured 2.6 GW of firm power in the 2026 Capacity Reserve Auction (LRCAP).
Strategic Initiatives:
- UFN III: Board approved resumption of the Nitrogen Fertilizer Unit III in Três Lagoas, targeting commercial operation in 2029.
- Low Carbon: Commercial launch of Sustainable Aviation Fuel (SAF) with 6,000 m³ supplied in 1Q26. REGAP refinery started the first photovoltaic plant in the refining system.
- Logistics: New pipeline contracts (OCERJ) signed to integrate Boaventura Complex with REDUC. First export of natural gasoline from Barra do Riacho Terminal.
Risks and Contingencies: The filing includes a standard disclaimer that forward-looking statements involve risks and uncertainties. Future results may differ from expectations. No specific new litigation or regulatory contingencies were detailed in the text provided.
Investor Verification Checklist
- Verify the financial impact of the record production volumes on revenue and EBITDA in the upcoming audited financial statements.
- Confirm the timeline and capital expenditure requirements for the resumed UFN III fertilizer project.
- Monitor the sustainability of the 95%+ refinery utilization factor and its effect on maintenance schedules.
- Assess the long-term contract details for the 2.6 GW awarded in the LRCAP 2026 auction.
- Review the specific cost implications of the increased GHG emissions intensity in the refining segment.