Petrobras Profit Hits US$7.7B on Record Oil

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BRAZIL · COMPANIES

Petrobras, Brazil’s state-controlled oil company, earned R$39.8 billion (US$7.7 billion) in the third quarter of 2026 while pumping more oil than ever before. Excluding one-off items, profit reached R$47.9 billion (US$9.3 billion), up 68% from a year earlier.

For US readers, Petrobras matters because its shares trade in New York as American depositary receipts (ADRs), certificates that let Americans own foreign shares in dollars. Its rising output also adds to the crude and diesel supply that world markets, including US refiners, rely on.

What Happened

Petrobras reported the results on Tuesday 10 November 2026. Net income of R$39.8 billion (US$7.7 billion) was about 24% below the R$52.4 billion (about US$9.4 billion) of the second quarter, but the company said oil production, refining and fuel marketing all set records.

Adjusted EBITDA, a measure of operating profit before interest, taxes and depreciation, reached R$85.8 billion (US$16.7 billion). Excluding one-off items it was R$94.5 billion (US$18.4 billion).

Record Oil and Diesel Output

Total operated production averaged 3.51 million barrels of oil equivalent a day, a unit that adds oil and gas together. About 2.96 million of that came from the pre-salt, deep offshore fields that lie beneath a thick layer of salt.

Chief Executive Magda Chambriard said Petrobras had planned an average of 3.1 million barrels a day for 2026 and now expects 3.3 million to 3.4 million. It is the third consecutive quarterly production record in 2026.

Refineries ran at 99% of capacity, and diesel output hit a record 769,000 barrels a day. Chambriard called that run “essential to ensuring Brazil’s energy security during this geopolitical crisis”.

Cash, Spending and Debt

Operating cash flow, the cash the business generates before investment, rose 15% in a year to R$61.8 billion (US$12 billion). Petrobras invested R$33 billion (US$6.4 billion) in the quarter, including R$27.5 billion (US$5.3 billion) in exploration and production.

Gross debt was US$70 billion, down 1.2% from the previous quarter, and net debt was US$57.8 billion. The board approved R$15.3 billion (about US$2.7 billion) in dividends and interest on equity, a tax-friendly form of payout, as our report on the payout explains.

Taxes and government take paid through the first nine months of 2026 totalled R$251.3 billion (about US$45 billion at R$5.58 per US dollar). The company called it the highest cumulative amount on record for that period.

Where the Next Oil Comes From

Petrobras reported oil discoveries in the Equatorial Margin, a deep-water frontier off Brazil’s far north coast, at the Morpho well in block FZA-M-59. It also won 21 exploration blocks in Brazilian auctions and signed contracts for eight offshore blocks in Côte d’Ivoire, where it will operate with a 90% stake.

Two new floating production units, P-80 and P-82, have set sail for the Búzios offshore oil field. Each is designed to produce 225,000 barrels a day and both are due to start work in 2027.

What It Means for You

If you hold Petrobras ADRs through a US fund, the quarter shows a company with record output, lower gross debt and a continuing payout. Dividends are declared in reais, so their dollar value moves with the exchange rate, which stood near R$5.58 per US dollar this week.

Combined exports of crude oil and refined products averaged 1.251 million barrels a day in the quarter. That makes Brazil a meaningful supplier to world oil markets, which US drivers and refiners follow.

What Is Not Known

The company’s summary does not explain the roughly R$8.1 billion of one-off items that separate headline profit from the adjusted figure. It is also not yet clear how the board will split the payout between dividends and interest on equity.

Future profit will depend on oil prices, which Petrobras does not control, and on whether the new platforms start on schedule in 2027. Eleven platforms are now authorised to run above their original capacity without extra investment, the company said.

More: Brazil news in English, every day from The Rio Times.

Frequently Asked Questions

What Profit Did Petrobras Report for the Third Quarter of 2026?

Net income was R$39.8 billion (US$7.7 billion), or R$47.9 billion (US$9.3 billion) excluding one-off items. The company reported it on Tuesday 10 November 2026.

How Much Oil Did Petrobras Produce?

Total operated production averaged a record 3.51 million barrels of oil equivalent a day, including 2.96 million from the pre-salt. The company now expects 3.3 million to 3.4 million for the full year.

Can Americans Own Petrobras Shares?

Yes, through American depositary receipts (ADRs) traded in New York, which let Americans hold foreign shares in dollars. The company pays dividends in reais, so the dollar amount depends on the exchange rate.

How Much Will Petrobras Pay Its Shareholders?

The board approved R$15.3 billion (about US$2.7 billion) in dividends and interest on equity for the third quarter. That is a form of shareholder payout, and its split is still to be settled.

Sources: Petrobras, press release on third-quarter 2026 results, 10 November 2026; Petrobras Investor Relations, 3Q26 Financial Performance Report, 10 November 2026. US$ figures for results are the company’s own conversions at its quarterly average rate; other amounts use R$5.58 per US dollar.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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