Petrobras exports jump 20.7% as output hits quarterly record

Key Facts

Petrobras exports reached 1.251 million barrels per day in the third quarter of 2026, up 20.7% from the same period in 2025, according to a company filing with the U.S. Securities and Exchange Commission. The exports included 987,000 barrels of oil per day. In the same period, total oil and gas production reached 3.512 million barrels of oil equivalent per day, a quarterly record for the company. Petrobras said production rose 11.7% year over year. Executives will present the quarter’s financial results at an online press conference the following day, November 11.

The annual increase in total exports came alongside a decline from the previous quarter, falling 1.7% from the second quarter, when they reached 1.231 million barrels per day. Net exports also fell to 918,000 barrels per day from 1.075 million in the second quarter, a quarterly decline of 14.6%. Still, net exports were 27% above their level in the third quarter of 2025. These comparisons reflect the difference between annual and quarterly trends in the company’s external flows. Total exports are not the same as net exports, which take imports into account.

On the production side, output from pre-salt fields rose to 2.454 million barrels per day in the third quarter, up 6.7% from the previous quarter. Petrobras attributed the improvement to rising production from the P-78 and P-79 units and the Alexandre de Gusmão platform reaching its designed peak production. The company also cited improved operating efficiency and a decline in production losses related to maintenance work. Seven new producing wells began operating during the quarter, six in the Santos Basin and one in the Campos Basin. These additions, alongside improved operations, were among the factors accompanying the increase in pre-salt production.

At the refining level, Petrobras’ refinery utilization rate was 99% in the third quarter of 2026, compared with 94% in the same period of 2025. The share of domestic oil in total processed feedstock rose to 93%, from 92% a year earlier. The share of pre-salt oil in feedstock also climbed to 73% from 68%. These indicators show increased use of domestic crude, particularly pre-salt oil, in refining operations. This coincided with a rise in domestic sales of oil products to 1.854 million barrels per day, up 6.4% from the previous quarter, which the company said was partly driven by seasonal factors.

Diesel was the main driver of the quarterly increase in domestic sales, with sales rising 14.4% from the second quarter. Petrobras linked the growth to summer crop planting and increased industrial activity, both of which typically lift fuel consumption during the third quarter. These factors provide context for the seasonal increase in domestic oil-product sales cited by the company. Oil exports totaled 987,000 barrels per day within total exports of 1.251 million. The operating figures show broader production and exports year over year, alongside declines in some measures of external flows from the previous quarter.

Financial results remain a focus for investors after Petrobras attributed a rise in net income attributable to shareholders in the first half of 2026 to $16.627 billion, from $10.708 billion in the same period of 2025, mainly to higher gross profit, according to an earlier filing. Gross profit in the first half was $30.833 billion, compared with $20.400 billion a year earlier, while higher expenses and lower net finance income limited the improvement. These figures are for the first half and do not represent third-quarter results. Executives are scheduled to hold an online press conference on November 11 at 15:30 Brazil time, with journalists able to submit questions through Microsoft Teams. The company is expected to present and comment on its third-quarter results at the conference.