Petrobras Q2 Profit Surges 97%, Oil Production Hits Record

Brazilian energy giant Petrobras reported significant financial and production growth in Q2 of 2026, driven by rising oil output and higher crude prices. Net income nearly doubled to R$52.4 billion ($10.4 billion), up 97% from the same period last year. Adjusted EBITDA reached R$93.8 billion ($18.6 billion) while operating cash flow climbed 46% year over year to R$61.8 billion ($12.3 billion).

Petrobras' record upstream production saw its own oil output in Brazil reach 2.7 million barrels per day, a 15% increase from the second quarter of 2025. The company's pre-salt operations accounted for much of this growth, with Petrobras' own pre-salt production reaching a record 2.78 million boed.

The Búzios field achieved notable production milestones, including an operated 1.219 million bpd on June 26 following the start-up of the P-79 FPSO in May. Higher production also lifted Petrobras' crude exports to nearly 1 million bpd during the quarter.