Petrobras earns R$ 26.7 billion in the second quarter of 2025

Petrobras recorded a net profit of R$ 26.7 billion (US$ 4.7 billion) in the second quarter of 2025, highlighted by the increase in oil production that offset the impacts of a 10% drop in Brent prices during the quarter. Excluding one-off events, the quarter’s result was R$ 23.2 billion (US$ 4.1 billion), reaching a level similar to that of the previous quarter.

Adjusted EBITDA excluding one-off events for the quarter reached R$ 57.9 billion (US$ 10.2 billion). Operating Cash Flow (OCF), which represents cash generation from the company’s operating activities, totaled R$ 42.4 billion (US$ 7.5 billion) in the quarter, driven by the increase in oil and gas production. Investments (Capex) amounted to R$ 25.1 billion (US$ 4.4 billion) in the second quarter of 2025, with a greater focus on pre-salt projects. The financial results for 2Q25 were released this Thursday (08/07).

Click here to access the full report.

“We are accelerating our investments in highly attractive projects. In the first six months of the year, we invested R$ 48.8 billion, a 49% increase compared to the same period last year. On the operational side, we achieved excellent results: we produced 2.3 million barrels of oil per day in the second quarter. This represents a 5% increase compared to the first quarter and about 8% compared to the same period last year,” said Petrobras’ CEO, Magda Chambriard.

In the second quarter of 2025, Petrobras paid a total of R$ 66 billion in taxes to the federal, state, and municipal governments. A total of R$ 8.7 billion in dividends and interest on equity was approved.

“We had excellent operational performance in the second quarter, driven by the implementation of new production systems and by improved efficiency in the fields in operation. These factors allowed us to increase the volume of oil and gas, positively impacting financial results and offsetting the effects of the drop in Brent prices. Net profit, excluding one-off events in the period, remained at the level of the previous quarter, when we operated with a Brent price 10% higher,” explained the Chief Financial and Investor Relations Officer, Fernando Melgarejo.

Net profit recorded in the second quarter was 24.3% lower compared to the previous quarter but higher than in the same period last year, when the company posted a loss of R$ 2.6 billion.

Gross debt stood at US$ 68.1 billion in June 2025, representing an increase of 5.5% compared to the end of the previous quarter, mainly due to the growth in platform leasing, with the start-up of the FPSOs Alexandre de Gusmão and Almirante Tamandaré, which added 270 thousand barrels per day of production capacity for Petrobras.

Investments boost production curve

The increase in production was mainly due to the ramp-up of the FPSOs Almirante Tamandaré, in the Búzios field, Maria Quitéria, in the Jubarte field, Anita Garibaldi and Anna Nery, in the Marlim and Voador fields, the achievement of maximum production capacity of the Marechal Duque de Caxias, and the start-up of the FPSO Alexandre de Gusmão, both in the Mero field.

In 2Q25, R$ 25.1 billion (US$ 4.4 billion) was invested, an amount in line with the execution level planned for 2025. The Exploration and Production segment accounts for the largest share of this amount, with US$ 3.7 billion, focusing on the development of pre-salt production (Santos and Campos Basins) and post-salt production (Campos Basin), in addition to exploratory investments.

Investments in the first six months of 2025 total R$ 48.8 billion (US$ 8.5 billion), with 85% allocated to E&P projects. These investments have already positively impacted the company’s production curve through the start-up and ramp-up of platforms, efficiency improvements, adjustments to the maintenance schedule, and efficient reservoir management. With the efforts underway, the expectation is that average oil and gas production will close 2025 at the upper end of the target range.

In the Refining, Transportation, and Marketing segment, investments were directed toward the reactivation of the Araucária Nitrogenados S.A. fertilizer plant, as well as the completion of the expansion (REVAMP) of Train 1 at RNEST at the end of March and the start-up of the diesel hydrotreating unit (HDT) at REPLAN in May.

Main operational highlights

Petrobras’ oil and NGL production reached 2.32 million bpd (barrels of oil per day), a 5% increase compared to the previous quarter. In May, the FPSO Marechal Duque de Caxias reached maximum production capacity with only four producing wells. Production also began at the FPSO Alexandre de Gusmão, in the Mero field, which has a production capacity of 180 thousand bpd and gas processing capacity of 12 million m³/day.

The P-78 platform vessel is en route to Brazil, being the first platform to be towed to its location with crew on board, which will allow production to start about two weeks earlier. Its production capacity will be 180 thousand barrels of oil per day, in addition to compressing up to 7.2 million m³ of gas per day.

A new discovery of excellent quality oil was confirmed in the pre-salt of the Santos Basin, in an exploratory well in the Aram block. An additional 10 exploratory blocks were acquired in the Equatorial Margin and three in the Pelotas Basin during the 5th Permanent Offer Round by the ANP. In addition, Petrobras declared interest in nine exploratory areas in Côte d’Ivoire.

In June, the first contracts were signed for the completion of Train 2 at RNEST. This important milestone will allow the refinery’s nominal capacity to be expanded starting in 2026, doubling to 260 thousand bpd by 2029. The new HDT at REPLAN went into operation, enabling an increase in jet fuel (QAV) production by up to 21 thousand bpd and S-10 diesel by up to 63 thousand bpd, contributing to the phase-out of S-500 diesel and making it possible to fully convert REPLAN’s diesel production.

The Refining park reached 91% utilization factor (FUT) while maintaining the yield of high value-added derivatives, with 68% diesel, gasoline, and jet fuel in the total production volume.