Result grew 23% compared to the previous quarter, driven by increased oil and gas production
Petrobras Agency
Petrobras achieved a net income of R$ 32.7 billion (US$ 6 billion) in the third quarter of 2025. Compared to the second quarter of 2025, profit rose 23%. The operational performance in 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).
Excluding non-recurring events, net income totaled R$ 28.5 billion (US$ 5.2 billion), also higher than that recorded in the previous quarter. Adjusted EBITDA, excluding non-recurring events, reached R$ 65.1 billion (US$ 12 billion). The results were also favored by a slight increase in oil prices (2% in Brent) compared to the last quarter. During 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 to its shareholders, even in the face of the new oil price level. We have increased our efficiency, reduced production shutdowns, and reached the peak production of the FPSO Almirante Tamandaré, surpassing its nominal capacity. These are several fronts of work that translate into concrete results for the company, its shareholders, and Brazilian society," highlighted Fernando Melgarejo, Chief Financial and Investor Relations Officer.
Petrobras returned a total of R$ 68 billion to society in the third quarter of 2025 through taxes paid to the federal government, states, and municipalities. Considering the first nine months of 2025, almost R$ 200 billion in taxes were paid to society. For the period, R$ 12.16 billion in dividends and interest on equity were approved.
Total net debt amounted to US$ 59.1 billion in the third quarter of 2025, remaining stable compared to the previous quarter. Petrobras carried out fundraisings during the period that were incorporated into the debt, strengthening the company's cash position.
With investments of R$ 30 billion (US$ 5.5 billion) made during the quarter, the accumulated amount for the first nine months of the year reached 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 Refining, highlights include investments in the implementation project of the Abreu e Lima Refinery and in scheduled maintenance shutdowns. In the Gas and Low-Carbon Energy segment, investments were made in maintenance and scheduled shutdowns of thermal power plants.
Oil and gas production reached 3.14 million boed, representing a 5% increase compared to the second quarter of 2025 and 17% above the third quarter of 2024. In September, the FPSO Marechal Duque de Caxias, located in the Mero field, achieved a production level of 200 thousand bpd (barrels per day), 20 thousand bpd above its nominal design capacity, as authorized by the competent authorities.
The FPSO Almirante Tamandaré, in the Búzios field, reached its planned peak production of 225 thousand bpd in August, with only five producing wells and three months ahead of schedule. In October, the unit reached a record instantaneous flow rate equivalent to 270 thousand barrels of oil per day. The unit's nominal capacity was increased without the need for new investments.
In Refining, the URF (Utilization Rate Factor) of refineries reached 94%, with 69% of the total volume dedicated to high value-added derivatives — diesel, gasoline, and jet fuel (QAV) — reflecting the high efficiency and profitability of the refining system. In October, five contracts were signed for the construction of units under the Boaventura Refining Project, 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 reached a record for oil exports in the quarter, achieving 814 Mbpd (thousand barrels per day), reflecting the higher production level. Including oil products, the company surpassed the mark of 1 million barrels per day in total exports.
The company also advanced in the free natural gas market within the integrated network, reaching 6.5 MMm³/d of contracted volume in this modality, which represents about 65% of the total market. In this way, Petrobras reaffirms the competitiveness of its portfolio and its commitment to a dynamic performance in the newly opened market.
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