PETROBRAS (PBR) reported record total own production of 3.51 million barrels of oil equivalent per day in 3Q26, including 2.96 MMboed in the pre-salt, and record operated production of 5.08 MMboed. Oil production reached 1,869 thousand barrels per day in 9M26, up 7.2% from 9M25; quarterly diesel production set a record at 769 mbpd. Refinery utilization was 99%, 5 percentage points above 3Q25, while domestic market sales reached a record 1,854 mbpd.
For 2026, the company set a new oil-production target of 2.7 to 2.8 million barrels per day; its forecast graphic states 2.7 million barrels per day, plus or minus 4%. New operating cash flow guidance points to up to US$15 billion in additional cash generation. 3Q26 operating cash flow was US$12.0 billion, up 22% from 3Q25, and cash capital expenditure totaled US$14.6 billion in 9M26. Factors expected to affect 4Q26 production include scheduled maintenance and a reduction in Petrobras’ work interest in the Búzios production-sharing agreement (~85 mbpd).
PETROBRAS (PBR) reported 3Q26 sales revenue of US$ 32.962 billion, up 40.4% from 3Q25. Net income attributable to shareholders was US$ 7.740 billion; excluding one-off events, it was US$ 9.316 billion, up 78.0% year over year. Adjusted EBITDA excluding one-off events was US$ 18.394 billion, up 53.9%, while operating cash flow was US$ 12.026 billion and free cash flow was US$ 6.618 billion.
Quarter to quarter, adjusted EBITDA excluding one-off events declined 7.8% and net income attributable to shareholders declined 25.8%. Average oil, NGL and natural gas production reached a record 3.512 million barrels of oil equivalent per day. The company revised 2026 total Capex guidance for its Portfolio Under Implementation to US$ 24 billion to US$ 25.5 billion, and cash Capex guidance to US$ 21 billion to US$ 22 billion. Its 2026 operating cash flow projection for the Total Portfolio was revised from US$ 35 billion to a range of US$ 45 billion to US$ 50 billion. Net debt was US$ 57.847 billion as of September 30, 2026, down 4.2% from June 30, 2026.
PETROBRAS (PBR) reported consolidated sales revenue of R$462.569 billion for the nine months ended September 30, 2026, versus R$370.178 billion a year earlier. Net income attributable to PETROBRAS shareholders was R$124.858 billion, compared with R$94.566 billion.
For the third quarter, consolidated sales revenue was R$169.353 billion versus R$127.906 billion, and net income attributable to PETROBRAS shareholders was R$39.750 billion versus R$32.705 billion. Nine-month net cash provided by operating activities was R$167.573 billion, compared with R$145.417 billion. Net cash used in investing activities was R$81.083 billion versus R$50.737 billion, while net cash used in financing activities was R$85.340 billion versus R$64.532 billion. Consolidated cash and cash equivalents were R$35.569 billion as of September 30, 2026, compared with R$35.608 billion as of December 31, 2025.
Petrobras reported sales revenue of $90.104 billion and net income of $24.403 billion for January–September 2026, compared with $65.587 billion and $16.805 billion, respectively, in the same period of 2025. For July–September 2026, sales revenue was $32.962 billion and net income was $7.747 billion, versus $23.477 billion and $6.053 billion a year earlier.
Net cash provided by operating activities was $32.675 billion, compared with $25.885 billion in the prior-year period. Investing activities used $15.800 billion and financing activities used $16.600 billion. Cash paid for acquisitions of property, plant and equipment and intangible assets was $14.474 billion, versus $12.933 billion.
Total assets were $256.030 billion as of September 30, 2026, compared with $222.337 billion as of December 31, 2025. Cash and cash equivalents were $6.865 billion as of September 30, 2026. Petrobras expects to receive a net $859 million from consortium partners under the Berbigão and Sururu agreements, with settlement expected by November 2026; the receivable and related income effects are to be recognized in the fourth quarter of 2026.
PETROBRAS (PBR) agreed to acquire the remaining 70% of Logum Logística S.A. for R$ 620 million; it already owns 30% and would own 100% after completion. The remaining stake is held by Raízen Energia S.A., Copersucar S.A. and Uniduto Logística S.A.
Payments are R$ 300 million at closing, R$ 160 million after 12 months and R$ 160 million after 24 months. The amounts are subject to price adjustments under the agreement, and completion is subject to its conditions, including approval by Brazil’s Administrative Council for Economic Defense (CADE).
Logum operates more than 1,000 km of pipelines and transported approximately 5 million cubic meters of products during the 2025–2026 harvest. PETROBRAS says the transaction aligns with its plan to expand into renewable and low-carbon energy businesses and that integrating Logum’s network into its system could create additional value.
PETROBRAS raised its 2026 total oil and gas production projection from 3.1 million boed to 3.3 million to 3.4 million boed, and its oil and NGL projection from 2.5 million bpd to 2.7 million to 2.8 million bpd. Commercial oil and gas production is projected at 2.9 million to 3.0 million boed, compared with 2.8 million boed.
Implementation Portfolio Capex is projected at US$24 billion to US$25.5 billion, versus US$19.4 billion; cash investment is projected at US$21 billion to US$22 billion, versus US$16.9 billion. PETROBRAS said higher investment does not raise total project costs and reflects foreign-exchange effects and better-than-planned execution. Operating cash flow is projected at US$45 billion to US$50 billion, up from US$35 billion. Manageable operating expenses are projected at US$24.2 billion to US$25.5 billion, while expenses per barrel produced are projected to fall 2% versus 2025 actual; lease payments are projected at US$11 billion to US$11.5 billion.
Petrobras approved shareholder remuneration of R$15.3 billion, equivalent to R$1.18732774 per outstanding common and preferred share, as an advance on remuneration for fiscal 2026 based on the September 30, 2026 balance sheet. Payment will be made in two installments in February and March 2027.
For shares traded on B3, the record date is December 21, 2026, and shares trade ex-rights beginning December 22. ADR holders have a December 23 record date, with payments of the installments to be made as of March 1 and March 29, 2027. Each installment will be adjusted for Selic-rate variation from December 31, 2026, to its payment date. The distribution form—dividends and/or interest on equity—is to be determined by December 10, 2026. Payments are subject to withholding income tax and will be deducted from remuneration to be approved at the 2027 Annual General Meeting for fiscal 2026.
PETROBRAS (PBR) announced a revised schedule for its third-quarter 2026 results webcast, set for November 11, 2026. The webcast will be presented in Portuguese with simultaneous English translation, beginning at 1:00 p.m. Brasília time (11:00 a.m. New York; 4:00 p.m. London).
PETROBRAS (PBR) said Fitch upgraded its Standalone Credit Profile from “bbb” to “bbb+”, citing governance and management, a clearer track record of Board oversight and transparency, and operational and financial performance supported by robust reserves, production scale, strong cash flow generation and low leverage. Fitch said the profile is comparable to that of investment-grade international oil companies; Petrobras had not received a standalone-profile upgrade from Fitch since 2020.
Fitch affirmed the company’s global-scale credit rating at “BB” and national-scale rating at “AAA(bra)”, each with a Stable Outlook.
PETROBRAS (PBR) identified another oil-bearing interval in the Morpho well, the third discovery in block FZA-M-59, in ultra-deep waters off Amapá at a water depth of 2,886 meters.
Drilling and geological data acquisition are complete. Well operations still require abandonment; afterward, the rig will move to the Potiguar Basin off Rio Grande do Norte to begin drilling at Mãe de Ouro.