Petrobras Swings to $3B Profit on Record Exports
March 6, 2026
Brazilian state-run oil firm Petrobras posted a net profit of 15.6 billion reais ($2.96 billion) for the fourth quarter and plans to distribute 8.1 billion reais in interest on equity for the period, it said in separate filings on Thursday.
The quarterly net profit reversed a year-ago 17 billion-real net loss that occurred due to non-recurring items, with the October-December results lifted by record exports.
"The increase in oil and gas volume allowed us to offset the effects of the Brent price drop and achieve robust financial results," Petrobras Chief Executive Magda Chambriard said in a statement.
While Brent oil prices fell 14.7% from the fourth quarter of 2024, Petrobras' oil production in Brazil reached 2.5 million barrels per day (bpd) in the quarter, a roughly 20% rise that surpassed the firm's annual guidance and enabled higher exports.
The company's total sales to international markets grew 41.7% year-on-year to 42 billion reais, while domestic sales dropped 6.8% to 85.4 billion reais.
Petrobras' exports of oil and derivatives over the last quarter of 2025 came in at a record of 1.2 million bpd, as the state-run firm expanded its client base and shipments to Asia grew, while shipments to Europe and the U.S. dropped.
Capex Ramps Up
During the last three months of 2025, Petrobras invested $6.3 billion, a 10.2% jump from the year-ago period. Full-year investment totaled $20.3 billion, around 9.7% above the company's planned target but still within its guidance range.
"Investments in the E&P segment represented approximately 84% of total investments in 2025, contributing to the significant production growth observed that year," the firm noted, citing investments to build new oil production vessels.
Petrobras' adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stood at 59.9 billion reais, slightly above analysts' average estimate of 59.3 billion reais in an LSEG poll, and marking a 46.3% increase year-on-year.
Net revenue totaled 127.4 billion reais, surpassing analysts' forecast of 118.1 billion reais and rising 5% from the fourth quarter of 2024.
($1 = 5.2639 reais)
(Reuters - Reporting by Fernando Cardoso in Sao Paulo; Fabio Teixeira and Marta Nogueira in Rio de Janeiro; Editing by Himani Sarkar and Sherry Jacob-Phillips)
