Petrobras Sees Record-Breaking Profit Amid Oil Price Surge

Petrobras, Brazil's largest oil exporter, has posted its third-highest quarterly profit in history. The state-owned company reported net earnings of R$52.44 billion in the second quarter, a 96.8% increase from R$26.65 billion a year earlier.

The surge in profits was largely due to higher oil and refined products output, as well as a 54.1% increase in Brent crude prices, which averaged $104.52 per barrel during the period.

Petrobras attributed the price hike to the conflict in the Middle East. The company's operating performance also improved, with total operated production reaching a record 3.336 million barrels of oil equivalent per day (boe/d) in the second quarter, up 14.1% from the same period in 2025.

Petrobras will distribute R$17.4 billion to shareholders as an advance payment of 2026 earnings. The first installment of R$0.67407131 per common and preferred share will be paid on November 23, while the second installment of R$0.67407131 per share will be paid on December 21.