Aug 7, 2026 earnings call — Record production and strong cash generation
Petrobras produced 2.7 million barrels of oil per day and reported adjusted EBITDA of $20 billion this quarter.
Revenue $33.6B (est $31.5B) · EPS $1.62 (est $1.43)
Key quotes
"In the quarter, we produced 2.7 million barrels of oil per day in addition to gas."
"The utilization factor of our refineries surpassed 100% in the second quarter of 2026."
"any additional cash that comes in will be distributed over the ordinary cash distribution, which is 14%."
Analyst Q&A 13
production growth and P-80 timing
Q (Bruno Montanari · Morgan Stanley): Analyst asked if the medium/long-term production plan is conservative, about CapEx, bringing Buzios deliveries forward, the P-80 sequence, and whether P-80 will ramp up this year.
A: Management said production growth is hard but declines are lower now and platforms are being optimized. They are working to bring P-80 production forward and aim to reach or surpass planned results, while noting weather can limit schedule changes.
"What we're doing now is we're working strongly towards bringing forward the production of P-80 to the first quarter of 2027." — Renata Baruzzi
guidance peak and downtime risk
Q (Sylvia Couto dos Anjos): Analyst asked whether the top of guidance is realistic and how scheduled downtimes affect ability to hit the peak production.
A: Management said the forecast includes risk analysis and the P-78 and P-79 ramp-ups. They keep a leeway of about 4% and consider 2.6% reasonable, while focusing on planning downtimes and platform integrity to reduce lost production.
diesel import decisions
Q (Monique Greco · Itau BBA): Analyst asked how Petrobras decides to import diesel given price volatility, pricing policy and commercial strategy.
A: Management said production planning considers customer commitments, seasonality, refining availability, margins and logistics. They keep the same commercial policy: imports are decided based on competitiveness and profitability, and public policy keeps perceived customer prices lower.
"And we have to say that we have a public policy in force that gives us support for the internal market and that leads the customer perceived prices to be lower." — Angelica Garcia Laureano
sustainability of low decline rate
Q (Jorge Gabrich · Scotiabank): Analyst asked how sustainable the roughly 4% pre-salt decline is going forward and what drives it.
A: Management said the low decline results from strict reservoir management and several technical measures. They cited 4D seismics, intelligent completions, water injection and supplemental wells as actions that reduce decline and help maintain production.
"There is a natural decline, Jorge, and we attempt to fight against it, we work more strongly on four areas." — Sylvia Couto dos Anjos
use of extra cash flow
Q (Yuri Pereira · Santander): Analyst asked how Petrobras will allocate incremental cash this year—refining, other projects, or debt and dividends.
A: Management said the dividend formula distributes additional cash through the ordinary 14% distribution and debt reduction is a priority. They are bringing forward profitable investments like P-80 and aim to speed convergence to $16.5 billion debt as in their plan.
"Priority #2 is to converge the debt as quickly as possible to $16.5 billion." — Fernando Melgarejo
Braskem involvement and stance
Q (Gabriel Coelho Barra · Citi): Analyst asked Petrobras' stance on Braskem, possible reorganization, capital injections, and interactions with bondholders.
A: Management said Petrobras recently gained more influence and is now reviewing Braskem closely. They are in touch with Braskem's Board, and noted an injunction is in place and that Braskem will report earnings soon, so it's a sensitive period with many decisions to make.
"And as the President mentioned as well, on August 13, that company will be sharing their earnings with the market." — Fernando Melgarejo
gas policy and international projects
Q (Lilyanna Yang · HSBC): Analyst asked about Petrobras' role in lowering gas prices for consumers and updates on investments in Namibia, Sao Tome, and other international areas.
A: Management said regulatory changes must be assessed per project; Petrobras is 15.6% of the market and many private players exist. They emphasized regulatory stability and legal certainty are critical and said Petrobras will participate in a public hearing within 45 days to state its position.
"Our assessment is that regulatory stability and legal certainty are critical to maintain price stability discipline when it comes to capital investments." — William Nozaki
priorities for international expansion
Q (Tasso Vasconcellos · UBS): Analyst asked where Petrobras would focus internationally—Mexico, Africa, Bolivia, Venezuela—and where they see upside.
A: Management said exploration and reserve replacement are essential and Petrobras brings decades of South America experience. They favor areas geologically similar to Brazil's deep waters, like the Atlantic margin of Africa, Mexico and the Equatorial margin, where seismic and data collection are underway.
"As Magda put very well, we have a competency in terms of the geology and the exploration of deep and ultra-deep waters." — Sylvia Couto dos Anjos
second-half crack spreads and refinery downtimes
Q (Milene Carvalho · JPMorgan): Analyst asked about expected crack spreads in H2 and timing/duration of refinery downtimes given >102% utilization.
A: Management said Q3 is seasonally higher diesel demand, so operating plans maximize refinery use to reduce imports. They will import when needed, and there is currently no diesel shortage in the market.
"The third quarter is, from a seasonal perspective, a quarter of higher diesel demand." — Angelica Garcia Laureano
specific refinery downtimes and expansions
Q (William da Silva): Analyst asked which downtimes were postponed, the schedule for major downtimes, and impact on diesel production and reliability.
A: Management clarified some downtimes were postponed (REGAP, REPLAN) to early 2027 to allow projects to mature, while Cubatao's scheduled downtime remains in August. They highlighted expansions at REVAP, REPLAN and REGAP and record diesel production in July, supporting their scheduling choices.
Tupi, Equatorial margin, Alto de Cabo Frio update
Q (Rodrigo Reis de Almeida · BTG): Analyst asked for updates on Tupi concession talks, the Equatorial margin drilling and timing, and Alto de Cabo Frio Central status.
A: Management said Tupi is under negotiation and they are engaging stakeholders. For the Equatorial margin they await drilling results and permits for contingent wells, expecting a key well result by month-end. Alto de Cabo Frio Central requires deep assessment due to complex fiscal terms with partners.
"As for Equatorial margin, we are anxiously waiting for the drilling of this well." — Sylvia Couto dos Anjos
investment in rare metals and new segments
Q (Vicente Falanga Neto · Bradesco BBI): Analyst asked how much Petrobras plans to invest in rare metals, Jupiter basin, and non-core segments.
A: Management said they are evaluating many opportunities but currently have no commitment to invest in those segments. Any investment would require governance approval and economic viability according to their assessment criteria.
"We currently have no commitment in terms of investing in what you mentioned." — Fernando Melgarejo
M&A priorities and Mataripe/ethanol timing
Q (Caio Ribeiro · BofA): Analyst asked about M&A priorities: returning to retail licensing, ethanol plans, buying Mataripe refinery, timing and assessments.
A: Management said they follow the strategic plan as the main driver, honor the noncompete with Vibra, and are progressing B2B distribution projects. Mataripe due diligence is ongoing with no news yet; ethanol is a priority but negotiations remain confidential and ongoing.
"Well, we remain on track with what's in our strategic planning." — Fernando Melgarejo