Petrobras 2Q25 Production and Sales Report Summary
Business Context and Reporting Period
This Form 6-K filing covers Petrobras' operational results for the second quarter of 2025 (ended June 30, 2025). The report details production volumes, refining output, sales data, and key operational milestones. The data is unaudited and includes forward-looking statements regarding future performance.
Key Financial and Operational Metrics
Production (Oil, NGL, and Natural Gas):
- Total Production: 2.91 MMboed (Million barrels of oil equivalent per day), a 5.0% increase from 1Q25.
- Pre-salt Production: 1.974 MMboed, up 6.5% quarter-over-quarter, driven by new FPSO startups.
- Total Operated Production: 4.19 MMboed, setting a new record (previous record: 4.05 MMboed in 4Q23).
- Refining Output: 1,730 Mbpd (thousand barrels per day), up 1.4% from 1Q25.
- Refinery Utilization: 91%.
Sales and Trade:
- Domestic Sales: 1,714 Mbpd of oil products, up 1.0% from 1Q25.
- Net Exports: 526 Mbpd, up 7.3% from 1Q25, driven by higher oil exports.
- Export Destinations: China accounted for 54% of oil exports; Singapore accounted for 63% of oil product exports.
Emissions:
- GHG Emissions (O&G): 23.0 million tons of CO2e for 1H25 (up 7% vs 1H24 due to new unit commissioning).
- Intensity: E&P intensity rose to 15.3 kgCO2e/boe; Refining intensity rose to 36.7 kgCO2e/CWT.
Material Changes vs. Prior Period
Production Growth Drivers:
- Ramp-up of FPSOs Almirante Tamandaré (Búzios), Maria Quitéria (Jubarte), Anita Garibaldi, and Anna Nery.
- FPSO Marechal Duque de Caxias reached full capacity (180,000 bpd) in May 2025.
- Start-up of FPSO Alexandre de Gusmão (Mero field) on May 24, 2025, ahead of schedule.
- Start-up of 14 new producing wells (7 in Campos Basin, 7 in Santos Basin).
Refining and Sales Shifts:
- Diesel: Production up 2.4% (680 mbpd); Domestic sales down 1.8% due to increased third-party imports (mostly from Russia) and lower agricultural demand.
- Gasoline: Sales up 1.5% due to higher demand share vs. ethanol; Production down 4.0% due to scheduled FCC unit shutdowns.
- LPG: Sales up 9.8% driven by seasonality.
- Jet Fuel: Sales down 2.6% due to seasonal effects (school holidays).
Gas and Low Carbon:
- Natural gas sales increased 7.5% to 43 MM m³/day, driven by higher demand and the start-up of the Boaventura Energy Complex processing unit.
- Electric power sales increased 27.4% due to a less favorable hydrological scenario requiring higher thermoelectric dispatch.
Guidance, Outlook, and Management Commentary
Operational Milestones and Projects:
- Platform P-78: Departed Singapore on July 13, 2025, for Búzios field; scheduled to start production in 2H25 with 180,000 bpd capacity.
- RNEST Refinery: Contracts signed for Train 2 completion; expected start-up in 2029, doubling capacity to 260,000 bpd.
- REDUC Refinery: Received authorization to produce Sustainable Aviation Fuel (SAF) with up to 1.2% renewable content.
- Fertilizers: First batch of Arla 32 produced in June; full operations expected in 2H25.
Management Commentary:
- Management highlighted the resilience of projects and efficiency of maintenance campaigns as key to record operated production.
- Emphasis on reconciling oil and gas focus with portfolio diversification in low-carbon businesses.
- Scheduled shutdowns at refineries are viewed as necessary for equipment integrity and safety, despite short-term production impacts.
Risks and Contingencies:
- Forward-looking statements are subject to risks and uncertainties; future results may differ from expectations.
- Increased GHG emissions in 1H25 are attributed to the commissioning phase of new units (higher flaring), though mitigation actions (FGRUs) are in place.
Investor Verification Checklist
- Verify the sustained production capacity of the new FPSOs (Alexandre de Gusmão and Duque de Caxias) beyond the initial ramp-up phase.
- Monitor the impact of third-party diesel imports on Petrobras' domestic market share and pricing power.
- Track the timeline and capital expenditure for the RNEST Train 2 expansion and its 2029 start-up target.
- Assess the trajectory of GHG emission intensity as new units reach full operational efficiency and gas reinjection stabilizes.
- Confirm the commercial viability and volume of the new SAF and biofuel initiatives (REDUC and biobunker tests).