Petrobras Q1 profit slips as oil price surge yet to be felt
The company’s record output and higher Brent prices were offset by a stronger real and timing delays that pushed 81,000 barrels per day into Q2.
- On Monday, May 11, state-controlled oil major Petrobras reported Q1 2026 net income of R$32.7 billion, down 7.2% year-on-year but beating Bloomberg consensus of R$30.68 billion by 6.5%.
- A 9.9% stronger Brazilian real compressed dollar-denominated export receipts, while Brent price surges following the late-February US-Iran conflict were not reflected in Q1 revenue due to shipping and contract timing lags.
- Production reached a record 3.23 million barrels of oil equivalent per day, up 16.1% year-on-year, driven by the ramp-up of four FPSOs and 10 new wells across Santos and Campos basins.
- Petrobras approved R$9.03 billion in interest on equity dividends, while net debt rose 10.8% to US$62.1 billion, reflecting elevated capital expenditure commitments for infrastructure and strategic projects.
- Analysts expect second-quarter revenues to capture the Brent price move from US$80 to US$110-114, as 81,000 barrels per day of in-transit cargoes and formula-pricing lags integrate into financial results.
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Petrobras Q1 Profit R$32.7B Beats Estimates, R$9B Payout Set
Petrobras (B3: PETR4 / NYSE: PBR), Brazil’s state-controlled integrated oil major, reported Q1 2026 net income of R$32.7 billion (US$6.47 billion at R$5.05), falling 7.2 percent year-on-year but jumping 109.9 percent from a depressed Q4 2025 result, beating the Bloomberg consensus of R$30.68 billion by 6.5 percent, according to the company’s filing released after market […] The post Petrobras Q1 Profit R$32.7B Beats Estimates, R$9B Payout Set ap…
"This distribution is consistent with the company's financial sustainability," the company said in a statement.
The value represents a decrease of 7.2% compared to the same period last year
Petrobras negatively surprised the market with results and dividends below expected – but the sellside is optimistic with the coming quarters, while the company's CEO swears it won't tear money. The balance published today hasn't yet brought the positive impacts of Iran's war to Petrobras. That's because exports to Asia, the company's biggest buyer of barrels, are precised by the average quotes of the previous month. As the conflict erupted in l…
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