Results showed a 23% increase compared to the previous quarter, driven by increased oil and gas production

P-78 arrived at Campo de Búzios in September 2025

Petrobras achieved a net profit of R$ 32.7 billion (US$ 6 billion) in the third quarter of 2025. Compared to the second quarter of 2025, profit grew by 23% . The operational performance of this quarter, driven by oil and gas production of 3.14 MMboed (million barrels of oil equivalent per day), led the company to record an Operating Cash Flow of R$ 53.7 billion (US$ 9.9 billion) from an adjusted EBITDA of R$ 63.9 billion (US$ 11.7 billion) . 

Without exclusive events, net income totaled R$ 28.5 billion (US$ 5.2 billion), also higher than that recorded in the previous quarter. Adjusted EBITDA, excluding exclusive events, reached R$ 65.1 billion (US$ 12 billion). The results were also favored by a slight increase in the price of oil (2% for Brent) compared to the last quarter. In the quarter, the company invested R$ 30 billion (US$ 5.5 billion), maintaining its focus on pre-salt projects.

“Petrobras is generating positive financial results and returns for its shareholders, even in the face of the new level of oil prices. We have increased our efficiency, reduced production stoppages, and reached peak production at the FPSO Almirante Tamandaré, exceeding its nominal capacity. These are several areas of work that translate into concrete results for the company, its shareholders, and Brazilian society,” highlighted Fernando Melgarejo, Chief Financial Officer and Investor Relations Officer.

Petrobras returned R$ 68 billion to society in Q3 2025 through taxes paid to the federal, state, and municipal governments. Considering the first nine months of 2025, nearly R$ 200 billion in taxes were returned to society. R$ 12.16 billion in dividends and interest on equity were approved for the period.

Net debt totaled US$59.1 billion in Q3 2025, remaining stable compared to the previous quarter. Petrobras raised capital during the period, which was incorporated into its debt, strengthening the company's cash position.

Investments

With investments of R$ 30 billion (US$ 5.5 billion) made in the quarter, the accumulated total for the first nine months of the year is R$ 78.8 billion (US$ 14 billion). The largest share of investments is in the Exploration and Production segment, focusing on the development of pre-salt production, with progress in the construction of new FPSOs for the Búzios, Atapu, and Sépia fields.

In the Refining sector, key investments include the implementation project for the Abreu e Lima Refinery and scheduled shutdowns. In the Gas and Low Carbon Energy segment, investments were made in maintenance and scheduled shutdowns of thermal power plants.

Operational highlights

Oil and gas production reached 3.14 million boed, representing a 5% increase compared to Q2 2025 and 17% above the third quarter of 2024. In September, the FPSO Marechal Duque de Caxias, in the Mero Field, reached the mark of 200,000 bpd (barrels per day), 20,000 bpd above its nominal design capacity, as authorized by the competent authorities.

Meanwhile, the FPSO Almirante Tamandaré, in the Búzios field, reached its peak production of 225,000 bpd in August, with only five producing wells and three months ahead of schedule. In October, the unit achieved a record instantaneous flow rate equivalent to 270,000 barrels of oil per day. The unit's nominal capacity was increased without the need for new investments. 

In Refining, the FUT (Utilization Factor) of the refineries reached 94%, with 69% of the total volume dedicated to high value-added derivatives — diesel, gasoline, and jet fuel — reflecting the high efficiency and profitability of the park. In October, five contracts were signed for the construction of the Boaventura Refining Project units, a milestone in the modernization of the refining park. The project will integrate REDUC with the Boaventura Energy Complex, expanding the production of higher value-added derivatives, such as S10 diesel, jet fuel, and Group II lubricants, reducing the need for oil imports and strengthening the company's portfolio.

Petrobras achieved a record for oil exports in the quarter, reaching 814 Mbpd (thousand barrels per day), reflecting higher production. Including refined products, the company surpasses the mark of 1 million barrels per day in exports.

The company has made progress in the free natural gas market within the integrated grid, reaching a contracted volume of 6.5 million m³/d in this modality, representing approximately 65% ​​of the total market. Thus, Petrobras reaffirms the competitiveness of its portfolio and its commitment to a dynamic presence in the newly opened market.

KeyFacts Energy: Petrobras Brazil country profile