Petrobras Posts USD 19.0 Billion Q2 EBITDA as Lifting Cost Falls to USD 6.3 per Barrel

Petrobras reported adjusted EBITDA of USD 19.0 billion for the second quarter of 2026, up 62% quarter on quarter and 86% year on year, beating the estimates of the three banks covering the stock, according to Investing.com. The upstream lifting cost fell to USD 6.3 per barrel of oil equivalent from USD 6.8 in the first quarter.

That cost figure, paired with a deleveraging step, is what moves the company into the cost bracket investors normally reserve for the largest integrated producers. Net debt fell to USD 60.4 billion from USD 62.1 billion in the first quarter, and the net debt to EBITDA ratio dropped to 1.1x from 1.4x.

The results landed after the market close on the day of publication, following guidance that analysts had modelled EBITDA in a USD 18 billion to USD 19 billion range. BTG Pactual measured the print at roughly 5% above the market consensus. Itau BBA calculated a result 3% above its own estimate. Safra recorded the largest positive surprise at 8% above its model.

Declared ordinary dividends totalled USD 3.4 billion, with a yield of 3.2% to 3.4%, above the Itau BBA estimate of USD 3.1 billion and the market consensus of USD 3.0 billion. Ahead of the release, the market had expected roughly USD 3 billion in ordinary dividends. In local currency, the company reported profit of BRL 52.4 billion and announced BRL 17.4 billion in dividends on August 6.

Downstream was the weaker leg. BTG flagged refining and marketing EBITDA of USD 3.5 billion as pressured by inventory losses estimated at USD 1.7 billion in the period. Safra put segment EBITDA at USD 3.6 billion, more than five times its own USD 602 million estimate, supported by a record refinery utilisation rate of 101%.

Capital spending ran ahead of the usual seasonal shape. Second-quarter investments accounted for 27% of the annual guidance of USD 16.9 billion, against a typical 24% for the period, according to Itau BBA.

Production volumes underpin the cost line. The Buzios pre-salt field reached a record 1.2 million barrels per day, and the P-79 platform started operating in May and is identified as a determining factor for output growth through the year. A related report dated July 28 put group production at a record 3.34 million barrels per day. Diesel output hit a historic record of 3.903 billion litres in July.

William Franca, a company director, said the refining strategy aims to raise the reliability of installations and cut dependence on imports.

Shares did not follow the beat. Preferred stock PETR4 fell 0.81% to BRL 41.79, ordinary shares slipped 0.89% to BRL 46.89, and the New York-listed ADRs lost 0.7% to USD 18.39.

Sell-side positioning stayed constructive. BTG Pactual, Itau BBA and Safra all published post-results revisions after the August 6 disclosure, keeping buy-equivalent recommendations with upside potential between 27% and 35%. BTG Pactual set a 12-month ADR target of USD 22.00. Itau BBA holds Outperform with a USD 23.70 ADR target for end-2026, implying a 30.4% gain on a reference price of BRL 49.08. Safra carries a local target of BRL 57.00, or 35% upside on the BRL 42.13 reference.

For context on the peer set, ConocoPhillips posted second-quarter profit of USD 3.9 billion, helped by higher oil prices, according to InfoMoney on August 6. On the company's own trajectory, a March 5 report noted profit of BRL 110.6 billion in 2025 with a projection of up to BRL 125 billion for 2026. XP, BBI, BBA and Goldman Sachs had all projected a robust second quarter.