Petrobras reported a net profit of R$ 110.1 billion in 2025, a surge of 200.8% compared to 2024’s R$ 36.6 billion, according to the company’s balance sheet released late tonight.
Despite a 14% drop in the price of Brent crude over the year, Petrobras said it maintained strong operational performance. Total oil and natural gas production reached 2.99 million barrels of oil equivalent per day (boed), an 11% increase from 2024.
Petrobras President Magda Chambriard said production gains helped offset the weaker price environment.
“2025 was extraordinary in terms of production. The increase in oil and gas volumes allowed us to offset the effects of the Brent price drop and achieve robust financial results. This reflects our ability to deliver more with fewer resources, optimizing projects and accelerating operations that generate value for our shareholders and society,” she said.
“Our results are not just numbers: they translate into energy, wealth generation, jobs, taxes, and returns for society.”
– Magda Chambriard, Petrobras President
Operating cash flow reached R$ 200 billion in 2025, driven by higher production volumes and lower operating expenses, Petrobras said.
The company invested R$ 112.9 billion in 2025, with a focus on Exploration and Production (E&P). About 84% of capital expenditures went to E&P, within the +/-10% range of the guidance published for 2025.
Production, Exports, and New Units
The production increase was attributed to the start-up and ramp-up of new platforms, as well as efficiency gains. Petrobras cited the commissioning and capacity increases of FPSOs Almirante Tamandaré and Marechal Duque de Caxias, continued peak production at FPSO Sepetiba, and progress at units such as Maria Quitéria, Anita Garibaldi, Anna Nery, and Alexandre de Gusmão.
Oil exports hit a new annual record, averaging 765,000 barrels per day. In the fourth quarter, Petrobras reported a quarterly export record of 999,000 barrels per day, amid high production and efforts to open new markets.
Gross debt closed 2025 at US$ 69.8 billion, mainly impacted by the accounting inclusion of chartering contracts as debt, including FPSOs Almirante Tamandaré (Búzios) and Alexandre de Gusmão (Mero).
Dividends and Payments to the Government
The board approved a proposal to pay shareholders R$ 8.1 billion for the fourth quarter of 2025, with payments scheduled for May and June 2026, in line with the company’s remuneration policy.
In 2025, Petrobras distributed R$ 45.2 billion in dividends, of which R$ 17.6 billion went to the controlling group.
The company paid R$ 277.6 billion in taxes, special participations, and royalties to the federal government, states, and municipalities. Petrobras also allocated about R$ 2 billion to socio-environmental investments, sponsorships, and donations throughout the year.
Market and Outlook
Weaker oil prices in the last quarter weighed on results. International prices fell about 7% between October and December, according to analysts. As a result, institutions such as BTG Pactual, Itaú BBA, Santander Brasil, and XP projected Petrobras’ Q4 Ebitda at around US$ 11.2 billion.
However, record production helped cushion the impact of lower prices. Analysts highlighted the current management’s ability to boost output. Petrobras’ 11% production increase in 2025 exceeded targets set in the 2025-2029 Business Plan, driven by growth in the pre-salt, which accounted for 82% of total production.
Looking ahead, Petrobras plans to expand production through exploration in the Equatorial Margin. In October, the company received an Ibama license to begin exploratory drilling, despite criticism from environmental groups. The market sees the region as a potential new frontier for operational gains.
Recent oil price gains have supported Petrobras’ stock. After a late-2025 dip, crude prices rose in early 2026 amid escalating conflict in the Middle East following U.S. and Israeli attacks on Iran.
On Tuesday, Petrobras’ ON (voting) shares rose 4.63% to R$ 44.71, and PN (preferred) shares jumped 34.58% to R$ 41.13, approaching historical highs.
“With higher oil prices and a stronger dollar, there is a positive impact on oil companies’ revenues. All else equal, this tends to boost companies’ results and profits, which in turn lifts their stock prices. Petrobras is among the beneficiaries.”
– Bruno Perri, Chief Economist and Founding Partner, Forum Investimentos
Source: UOL
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