Petrobras reported strong first-quarter 2026 results, combining higher profitability with robust cash generation. Sales revenues reached US$ 23.5 billion, while Adjusted EBITDA excluding one-off events was US$ 11.7 billion, up 7.3% versus 4Q25 and 10.2% year-on-year. Net income excluding one-off events attributable to shareholders was US$ 4.5 billion, with reported net income of US$ 6.2 billion helped by foreign-exchange gains and impairment reversals. Operating cash flow was US$ 8.4 billion and free cash flow US$ 3.9 billion, supporting capex of US$ 5.1 billion, mainly in pre-salt projects, and shareholder remuneration of R$ 9.0 billion. Net debt stood at US$ 62.1 billion, with a net debt/last-twelve-month Adjusted EBITDA ratio of 1.43x, indicating moderate leverage.
Petróleo Brasileiro S.A. – Petrobras reports strong 1Q26 operational performance, highlighted by record total operated production of 4.65 million boed and record own pre-salt production of 2.66 million boed. Platforms in the Santos Basin also hit a daily gas export record of 44.8 million m³.
Refining operations were robust, with oil products output of 1.816 mbpd, up 6.7% versus 4Q25, and a utilization factor of 95%, reaching 97.4% in March. Higher-value diesel, gasoline and jet fuel represented 68% of output, and March S-10 diesel production set a monthly record at 512 mbpd.
Financially, Petrobras generated operational cash flow of US$ 8.4 billion and adjusted EBITDA of US$ 11.3 billion in 1Q26. Gross debt stood at US$ 67.0 billion, trending toward the US$ 65 billion level projected in the 2026–30 Business Plan. The company paid R$ 72.4 billion in taxes and government take in the quarter and reaffirmed that Business Plan projections remain unchanged while it advances key FPSO projects and new upstream acreage.
Petróleo Brasileiro S.A. – Petrobras will pay shareholder remuneration totaling R$ 9.03 billion, equal to R$ 0.70097272 per outstanding common and preferred share, as an advance on 2026 fiscal year remuneration based on the March 31, 2026 balance sheet.
The amount will be paid in two equal installments of R$ 0.35048636 per share as interest on equity on August 20, 2026 and September 21, 2026. The distribution follows Petrobras’ Shareholder Remuneration Policy, which targets distributing 45% of free cash flow when gross debt is at or below the maximum level in the strategic plan.
For shares on B3, the record date is June 1, 2026, with ex-rights trading from June 2. For ADRs on the NYSE, the record date is June 3, 2026, with payments starting August 27 and September 28, 2026. These advance payments will be deducted from the final 2026 remuneration, adjusted by the Selic rate.
PETROBRAS - PETROLEO BRASILEIRO SA director Fabio Henrique Bittes Terra has filed a Form 3 as a reporting person. The filing shows no reported transactions or derivative positions in the provided data, and no share holdings are listed for this initial report.
PETROBRAS - PETROLEO BRASILEIRO SA CEO Magda Maria de Regina Chambriard reported her current phantom share position under the Petrobras Performance Award Program. The filing shows 19,444.92 phantom shares referenced to PETR3 common shares, with a convenience exercise price of $6.62 per underlying share.
Footnotes explain these phantom shares are cash-settled upon vesting, vest in four equal annual installments, and receive additional credited units when Petrobras pays dividends or interest on equity. The reported price is based on a 33.02 BRL weighted average PETR3 share price in 2025, converted using a 4.988 BRL per 1.00 USD exchange rate.
PETROBRAS - PETROLEO BRASILEIRO SA reported a holding entry for Chief Product Officer William Franca Da Silva related to its long-term incentive plan. The filing shows 16,232.2800 phantom shares referenced to PETR3 common shares, with the same number of underlying shares following the reported entry.
These phantom shares are part of the Petrobras Performance Award Program, settle in cash upon vesting, and the deferred portion vests in four equal annual installments. Additional phantom shares are credited proportionally when Petrobras pays dividends or interest on equity.
The award value is tied to a weighted average PETR3 price of 33.02 BRL over the last 60 trading sessions of 2025, which the company converts for disclosure purposes using a 4.988 BRL per 1.00 USD exchange rate, resulting in a reference price of $6.62 per share.
PETROBRAS - PETROLEO BRASILEIRO SA reported the phantom share position of Chief Commercial Officer Laureano Angelica Garcia Cobas. The filing shows 8,228.8600 phantom shares linked to PETR3 common shares, with an exercise price of $6.6200 per underlying share.
The phantom shares come from the Petrobras Performance Award Program and are settled in cash upon vesting. The deferred portion vests in four equal annual installments, and additional phantom shares are credited proportionally when Petrobras pays dividends or interest on equity.
Petróleo Brasileiro S.A. – Petrobras reports that Brazil’s National Agency of Petroleum, Natural Gas and Biofuels approved Production Individualization Agreements (AIPs) for the Sururu and Berbigão shared reservoirs in the Santos Basin, effective May 1, 2026.
These reservoirs, producing since 2019 through the FPSO P-68 with capacity of 150,000 barrels of oil per day, are shared between the BM-S-11A concession and a Transfer of Rights Contract operated by Petrobras. The AIPs define each party’s percentage interests and the rules for joint development and production operations.
The agreements also provide that expenses and revenues related to volumes produced up to the effective date will be subject to financial settlement negotiations among Petrobras, Shell, TotalEnergies and Petrogal.
PETROBRAS - PETROLEO BRASILEIRO SA Chief Compliance Officer Ricardo Wagner de Araujo reported updated holdings of 10,676.5900 phantom shares referenced to PETR3 common shares. These phantom shares are granted under the Petrobras Performance Award Program, settle in cash upon vesting, and receive additional credits tied to 2025 fiscal year performance, dividends, and interest on equity.
PETROBRAS - PETROLEO BRASILEIRO SA reported an updated phantom share position for Chief Engineering Officer Renata Faria Rodrigues Baruzzi Lopes. She now holds 16,232.2800 phantom shares referenced to PETR3 common shares, granted under the Petrobras Performance Award Program and settled in cash upon vesting.
The deferred portion of this award vests in four equal annual instalments, and additional phantom shares are credited proportionally when Petrobras pays dividends or interest on equity. Footnotes indicate these additional phantom shares relate to the company’s 2025 fiscal-year performance award program and use a weighted average PETR3 price of 33.02 BRL over 60 trading sessions.