Petrobras’ net income rises to 39.75 billion reais in third quarter of 2026
Key Facts
Petrobras reported net income attributable to shareholders of 39.75 billion Brazilian reais in the third quarter of 2026, compared with 32.705 billion reais in the same period of 2025, according to financial statements filed with the U.S. Securities and Exchange Commission. Reuters reported that higher profits benefited from record oil production and higher commodity prices during the period. At the same time, adjusted earnings fell short of analysts’ estimates, according to coverage comparing the results with the Bloomberg consensus. The quarterly results came alongside the company’s revised production and investment forecasts for 2026. Petrobras also reported that net debt fell at the end of September compared with the end of June.
The company raised its capital spending forecast for its execution portfolio in 2026 to a range of $24 billion to $25.5 billion, from $19.4 billion. Petrobras said the revision did not mean an increase in the projects’ total cost. It attributed the higher spending level mainly to exchange-rate effects and better-than-planned progress in project execution. The company said progress included construction of floating production, storage and offloading units, the availability of drilling rigs and an increase in well tie-ins. These factors link the higher allocations to the timing and requirements of execution, according to its disclosure.
In parallel, Petrobras raised its estimate for its attributable total oil and gas production in 2026 to a range of 3.3 million to 3.4 million barrels of oil equivalent per day, from 3.1 million barrels per day previously. The revision puts the higher production target alongside increased spending on the portfolio of projects under execution. The company said the P-80 and P-82 production units were en route by sea to the Búzios field. Each unit has nominal capacity of 225,000 barrels per day and can compress 12 million cubic meters of natural gas per day. The units are scheduled to enter service in 2027, according to Petrobras’ news agency.
On the balance sheet, net debt stood at $57.8 billion on September 30, 2026, down 4.2% from June 30 of the same year, according to the company’s financial report. This came alongside the announcement of higher capital spending and production forecasts for the year, placing the execution plan and debt indicators within the broader picture of the quarterly results. Petrobras had reported a 96.8% year-over-year increase in net income in the second quarter of 2026, according to earlier EL7 coverage. That earlier result provides a time-based comparison of earnings performance, while the current disclosure shows net income in the third quarter against the same period a year earlier. The company announced that it would publish its third-quarter results on November 10, 2026, after markets closed, and the results were released on that date.