Petrobras posts record production of 3.512 million barrels of oil equivalent per day in third quarter
Key Facts
Petrobras recorded average equity production of 3.512 million barrels of oil equivalent per day of oil, natural gas liquids and natural gas in the third quarter of 2026, a company record, Money Times reported. The figure was above the previous record of 3.336 million barrels of oil equivalent per day, set in the second quarter. The measure covers the company’s equity production, while second-quarter data showed total production operated by the company was 4.866 million barrels of oil equivalent per day. The record reflects higher operational supplies during the quarter, but does not in itself represent a financial result for the company. Petrobras is scheduled to report its third-quarter financial results on November 10 after markets close.
Petrobras attributed the increase to improved operating efficiency, which reached its best level since the fourth quarter of 2018, according to Money Times. The gradual rise in production from the P-78 and P-79 platforms in the Búzios field also contributed. The company added higher output from the Alexander de Gusmão floating production, storage and offloading unit in the Mero field to these factors. It also said production losses caused by maintenance shutdowns were lower. Taken together, these factors link the record to the performance of specific facilities and higher operating efficiency, rather than simply pointing to general growth in operations.
In the second quarter, Petrobras recorded average equity production of 3.34 million barrels of oil equivalent per day of oil, gas liquids and natural gas, up 14.1% year on year and 3.4% from the first quarter, according to the company’s filing with the U.S. Securities and Exchange Commission. That puts third-quarter production above the level recorded in the previous quarter, while confirming it exceeded the previous quarterly record of 3.336 million barrels of oil equivalent per day. In the second quarter, 10 new production wells began operating, including 4 in the Campos Basin and 6 in the Santos Basin. The P-79 platform also began operating on May 1, three months ahead of the schedule in the 2026–2030 business plan. These developments provide context on the operational expansion that preceded the new record, alongside improved efficiency in the third quarter.
The company’s performance extended to its refineries, which operated at a utilization rate of 99% in the third quarter, according to Money Times. Higher-value products, including diesel, jet fuel and gasoline, accounted for 68% of production. These figures show a high level of refining capacity utilization and a large share of higher-value fuels in the production mix. The operational update, however, did not include net income figures, as the company’s disclosure focused on operating indicators. The financial results scheduled for November will provide a separate view of financial performance from the production and refining data.
Petrobras said oil cargoes equivalent to 140,000 barrels per day remained in transit at the end of the quarter and were expected to be completed in the fourth quarter of 2026. The company classifies these volumes as shipments that had not been completed by the close of the period. Third-quarter financial results will be released on November 10, 2026, after markets close. The company scheduled a webcast to discuss the results for November 11 at 11:30 a.m. Brasília time. These dates follow the release of the record production data and set out the next disclosures on financial performance and its discussion.