Petrobras Hits 3.3 Million Bpd Record as CFO Plays Down Extraordinary Dividends

Petrobras lifted quarterly output to 3.3 million barrels of oil per day, up 14.4% year on year and a record for the period, but chief financial officer Fernando Melgarejo told CNN Money he sees little chance of an extraordinary dividend distribution.

The production figure fed a second-quarter 2026 net profit of BRL 52.4 billion, almost double the same period of 2025. Records in output, higher exports and higher oil prices drove the result.

The board approved BRL 17.4 billion in dividends and interest on capital, a gross BRL 1.34 per share. Melgarejo moved to contain investor expectations around anything beyond that. PETR4 was quoted at BRL 47.11.

Equity markets did not reward the print. The Ibovespa and the dollar fell on Friday the 7th despite the strong Petrobras numbers, according to Investidor10. The index was shown at 185,147.16 points, with a 32.45% move over twelve months. That report was published on 07/08/2026 at 18:15 by Marina Barbosa.

The earlier production disclosure had a different reception. Petrobras reported 14% production growth for the second quarter of 2026, sending its shares higher in Wednesday the 29th pre-market trading. Around 9 a.m., the company's American Depositary Receipts were up 1.66% in New York pre-market.

Gabriel Uarian, chief analyst at Cultura Capital, attributed the performance to the pre-salt platforms Maria Quiteria and Alexandre de Gusmao and to the early start-up of the P-79 unit at Buzios. Buzios cleared one million barrels per day on a monthly average basis for the first time, according to Uarian.

Total operated output reached a record of nearly 4.87 million barrels of oil equivalent per day. Downstream ran hot: the refinery utilisation factor hit 101.2%, the highest quarterly level in company history. Refined product output came in around 1.92 million barrels per day, with records for S10 diesel and jet kerosene.

The reservoir split shows where the growth came from. Safra analysts noted pre-salt oil production rose 5% quarter on quarter on five new producing wells in the Santos basin. Post-salt output slipped 1% quarter on quarter on increased maintenance shutdowns in the Campos basin.

Safra estimated consolidated adjusted Ebitda of USD 17.5 billion, up 49% on the previous quarter, with a 56% margin and net income of USD 8.4 billion. The same house estimated USD 2.8 billion in ordinary dividends for the quarter, a 2.7% yield on the preferred shares.

For investors weighing that yield, the local cost of money is the reference point. The Selic rate stood at 14.00%, with the CDI at 14.63% over twelve months. Inflation as measured by the IPCA ran at 0.07% for the month and 4.44% over twelve months. The dollar was quoted at BRL 5.13 and the euro at BRL 5.95.

The gap between an ordinary payout worth 2.7% on the preferred line and a policy rate of 14.00% frames the shareholder question the CFO answered. A record operational quarter, on its own, did not change the distribution stance.