Petrobras Crushes Q2 Production Records as Refining Runs Reach New Heights

Petrobras, the Brazilian state-controlled oil producer, reported record-breaking production in the second quarter of 2026. The company's upstream volumes reached a new high due to improved operational efficiency and the addition of new production units. Petrobras' average equity production of oil, natural gas liquids, and natural gas increased by 14.1% compared to the same period last year, reaching 3.34 million barrels of oil equivalent per day (boe/d). This represents a 3.4% increase from the first quarter.

The company's production growth was driven by the startup of new floating production units, including the P-79 platform at the Búzios field in Brazil's pre-salt Santos Basin. The Alexandre de Gusmão FPSO and the Maria Quitéria FPSO also contributed to the increase in production. However, natural declines at mature fields partly offset these gains.

Petrobras' refineries operated at a record high utilization rate of 101.2% during the quarter. This allowed the company to expand domestic fuel supply amid geopolitical uncertainty and reduce imports of refined products to 67,000 bpd, the lowest level on record.