Petrobras Surpasses Production Targets with Record Quarterly Results

Petrobras reported record quarterly financial results, driven by superior operational execution in both upstream production and downstream refining. The company's recurring net profit reached a new high without relying on asset sales, supported by oil prices exceeding $100 per barrel.

Total production came in at 2.7 million barrels of oil per day and 3 million equivalent barrels per day, with oil exports increasing by 12% due to higher production volumes. Refinery utilization reached 101%, with peaks of 102% in April and May thanks to optimized processing and reliability initiatives.

Byproduct production grew 6% compared to the previous quarter, allowing Petrobras to reduce imports by 40%, particularly for diesel fuel. Capital expenditures totaled $5.3 billion in the second quarter and $10.4 billion for the first half of the year, with 82% focused on Exploration and Production projects.

Chief Financial Officer Fernando Melgarejo cautioned that operating expenses are slightly above plan due to higher freight and logistics costs, warning that total annual expenses could exceed the $20.2 billion projection if global logistics costs and exchange rates do not improve.