Petroleo Brasileiro S.A. Petrobras SEC Filings

Petrobras reported material revenue declines driven by lower prices. Domestic market oil products revenues fell by US$2,222 million, reflecting a US$2,715 million drop in average domestic basic oil product prices partially offset by a US$493 million increase in sales volumes. Exported crude oil revenues decreased by US$1,812 million, of which US$502 million resulted from lower sales volumes and US$1,310 million from a decline in average export prices tied to weaker Brent crude. The excerpt also includes a labeled debt table placeholder and a signature by Fernando Sabbi Melgarejo.

Petrobras 2Q25 performance: Adjusted EBITDA excluding one-off events was US$10.2 billion and net income excluding one-offs was US$4.1 billion. Operating cash flow was US$7.5 billion and free cash flow US$3.4 billion. Oil and NGL production reached 2.32 million bpd (5% vs 1Q25). Capex in 2Q25 was US$4.4 billion. Brent averaged US$67.82/bbl.

Balance sheet and items of note: Gross debt totaled US$68.1 billion and net debt US$58.6 billion (Net debt/LTM Adjusted EBITDA = 1.53x). Leases recognition increased finance leases, including ~US$1.1 billion related to the leased FPSO Alexandre de Gusmão. The Board approved dividends of R$8.7 billion and the company paid R$66 billion in taxes in 2Q25. Adjusted EBITDA and net income were affected by lower foreign-exchange gains and one-off items disclosed in the report.

PBR’s 1H-25 results show a sharp rebound in bottom-line profitability despite softer top-line trends. Sales revenue fell 11% YoY to US$42.1 bn, driven by lower diesel, gasoline and export volumes/prices. Cost discipline and a 7% decline in cost of sales limited the gross-margin erosion (48% vs. 51%), but the key swing factor was a US$4.2 bn FX gain that turned net finance income positive (US$2.8 bn vs. a US$8.8 bn loss in 1H-24).

Net income jumped 140% YoY to US$10.8 bn (EPS US$0.83) and quarterly net income reached US$4.8 bn. Operating cash flow contracted 13% to US$16.0 bn, while capex rose 39% to US$8.0 bn, trimming free cash flow. Cash & equivalents nonetheless doubled to US$7.0 bn, aided by stronger BRL translation.

Balance-sheet expansion reflects growth capex and currency effects. Total assets climbed 19% to US$215 bn, with PP&E up 20% to US$163.6 bn. Net debt (finance debt minus cash) inched up to ~US$18.8 bn. Deferred tax liabilities (+US$6.1 bn) and decommissioning provisions (+US$3.5 bn) drove a 16% rise in total liabilities. Equity improved 24% to US$73.6 bn after earnings and FX-hedge OCI gains.

Capital returns moderated. Petrobras paid US$4.6 bn in dividends in 1H-25 (vs. US$10.6 bn YoY) and booked a further US$3.5 bn for future payments. Pension/health-care obligations grew to US$13.3 bn (+16%).

PBR 6-K (H1 2025): earnings surge driven by FX gains, lower finance costs. Consolidated net income reached R$ 62.1 bn, almost triple H1 2024’s R$ 21.3 bn, lifting EPS to R$ 4.80 from R$ 1.63. Revenue was broadly flat at R$ 242.3 bn (+1%), while gross profit slipped 3.6% to R$ 117.4 bn as upstream volumes offset softer refining margins.

Operating expenses fell 1% YoY to R$ 43.9 bn, but the key swing factor was net finance income of R$ 16.2 bn versus a R$ 46.0 bn loss last year, reflecting a stronger real and hedge gains. Effective tax rate rose to 30.7% (H1 24: 32.6%). Resulting parent-company retained earnings increased to R$ 50.4 bn, growing equity to R$ 399.2 bn.

Cash flow from operations held at R$ 91.8 bn (-2%). Higher capex (PP&E and intangibles) of R$ 46.5 bn (+59%) and lease repayments drove a R$ 46.9 bn financing outflow, yet cash & equivalents still almost doubled to R$ 38.2 bn. Net debt declined: current + non-current financial debt fell to R$ 320.8 bn from R$ 373.5 bn, while lease liabilities were broadly stable.

Balance-sheet quality improved with non-current debt down 48% YoY at the parent level and liquidity strengthened, but provisions for decommissioning (+R$ 4.1 bn) and deferred tax liabilities (+R$ 32.4 bn) climbed. Capex acceleration signals continued investment in pre-salt projects and refining upgrades.

On 7 Aug 2025, Petrobras (PBR) filed a Form 6-K announcing that its Board of Directors added a new “Positioning in Distribution” pillar to the company’s Strategic Plan for the Downstream, Gas & Energy and Low-Carbon segments. The approved framework commits Petrobras to operate only in profitable distribution businesses and partnerships while observing existing contracts.

Positioning drivers include:

• Entering and expanding in LPG distribution
• Integration with other Petrobras operations in Brazil and abroad
• Offering low-carbon energy solutions to customers

Petróleo Brasileiro S.A. – Petrobras filed a Form 6-K solely to update investors on the timing of its 2Q25 earnings webcast. The presentation will occur on 8 Aug 2025 at 11:15 a.m. Brasília time (10:15 a.m. NY / 3:15 p.m. London). It will be delivered in Portuguese with simultaneous English translation and streamed via the company’s investor-relations website. No financial results, guidance, or operational data are included in this filing; it is limited to logistical details for the forthcoming results release.