Petrobras profit jumps 55.3% year-on-year in first half

Brazilian state-controlled oil company Petrobras announced a significant 55.3% year-on-year increase in net profit for the first half of the year, reaching $16.6 billion.

The company's financial performance was bolstered by a confluence of factors, including rising Brent crude oil prices, which averaged $92.6 per barrel in the first six months of this year, a 29% increase from the previous year. This price surge was largely influenced by the conflict in the Middle East.

Petrobras also highlighted record operational achievements, particularly in the second quarter, when it produced a daily average of 3.34 million barrels of oil and natural gas equivalent. This represents a 14.1% increase compared to the same period in 2025. Crude oil production alone hit a record 2.7 million barrels per day, a 15% year-on-year rise.

Driven by increased domestic demand and reduced international imports amid global crises, Petrobras operated its refineries at 101% capacity. This led to a 5.6% increase in derivative production, reaching 1.9 million barrels daily. Consequently, the company reduced its fuel imports by 40% and boosted exports to nearly one million barrels per day. These operational successes translated into a 35.7% growth in sales, totaling $57.1 billion for the first half.