Petrobras Q2 Profit Hits BRL 52.4 Billion, Beating Market Forecast of BRL 45 Billion

Petrobras reported second-quarter net profit of BRL 52.4 billion, above the BRL 45 billion the market expected and the third-highest quarterly result in the company's history. The figure is 97% above the same quarter a year earlier.

First-half profit reached BRL 85.1 billion, a gain of 37.6%.

Oil production in Brazil set a record at 2.7 million barrels per day, 15% above the second quarter of 2025. Refinery utilisation, measured as processed crude against maximum refining capacity, came in at 101%.

The company confirmed BRL 17.4 billion in shareholder remuneration, equal to BRL 1.34 per common and preferred share, for investors holding positions through the close of trading on August 21, 2026. The payout is split into two equal tranches scheduled for November and December.

According to Metropoles, the oil price rose on the international market with the war between the United States and Iran, triggered on February 28.

On the refining side, chief executive Magda Chambriard said on August 7 that the state-controlled company plans to expand its refining capacity "with Mataripe or without Mataripe". The target under the 2026-2030 strategic plan is to refine 85% of Brazil's domestic diesel market. For the 2027-2031 cycle, the goal is 100% of diesel consumption in Brazil.

Chambriard tied any Mataripe deal to price. "We hope this can be done with Mataripe, but for that to happen, we need a price that corresponds to the market value of the asset," she said.

The Mataripe refinery was bought in 2021 by Acelen, controlled by the Mubadala Capital fund. Fernando Melgarejo, Petrobras chief financial and investor relations officer, had previously said there was no progress in talks between the state-controlled company and Acelen.

That leaves two routes to the same diesel target. Either Petrobras acquires Mataripe capacity at a price it considers aligned with market value, or it lifts throughput and adds capacity elsewhere in its own park. With utilisation already at 101%, the headroom inside the existing system is limited.

For holders of the shares, the sequence is set: the record date falls on August 21, 2026, with cash landing in November and December at BRL 1.34 per share.