Petrobras in focus: higher oil, strong results and a growing offshore pipeline

Petrobras has been appearing almost daily across financial, energy and offshore headlines. Taken together, recent developments provide a broader picture of where the company stands today.

• Brent back above USD 100

Brent traded above USD 100 per barrel again on Thursday, amid concerns over supply and maritime flows in the Middle East.

For Petrobras, higher oil prices strengthen upstream economics and exports, while increasing sensitivity around domestic fuel prices.

• Financial performance remains strong

Petrobras reported net income of R$ 52.4 billion in the second quarter of 2026, with adjusted EBITDA of R$ 100.6 billion excluding one-off effects.

Investments reached R$ 26.7 billion, with 82% directed to E&P. Gross debt ended June at USD 70.8 billion, below the USD 75 billion ceiling in the current business plan.

Petrobras’ board also approved R$ 17.4 billion in shareholder remuneration.

• Offshore remains the main growth engine

Búzios reached 1.2 million barrels per day in late June as P-78 and P-79 continued their ramp-up.

P-80 and P-82 are scheduled to start production in 2027, each with capacity for 225,000 barrels per day.

• Exploration is moving beyond the pre-salt

At FZA-M-59, Petrobras confirmed hydrocarbons at Morpho in August. Ibama has since expanded the license to include Manga, Crotalus and Morpho Extension.

Outside Brazil, Petrobras has also entered direct negotiations for four offshore blocks in Ghana’s Keta Basin.

• Fuel pricing remains the counterbalance

Petrobras confirmed that its average gasoline A price to distributors will move to R$ 3.05 per liter following the end of a government subsidy mechanism.

Combined with changes in federal taxes, the company calculates a net reduction of R$ 0.19 per liter in the price perceived by distributors with taxes.

The current Petrobras picture is therefore broader than oil above USD 100 or a strong quarterly result.

The company is increasing production capacity, investing heavily offshore and opening new exploration fronts, while managing debt, shareholder returns and Brazil’s domestic fuel market.

For the offshore industry, one point remains particularly relevant: the investment cycle behind these numbers continues to move forward.