Petrobras reached a net profit of R$ 35 billion (US$ 6 billion) in the first quarter of the year. The company also recorded strong cash generation, reaching an adjusted EBITDA of R$ 61 billion (US$ 10.5 billion) and an Operating Cash Flow (OCF) of R$49.3 billion (US$ 8.5 billion). OCF represents the company's cash generation from its operations and is a key metric for evaluating a company's performance. Investments totaled R$ 23.7 billion (US$ 4.1 billion), concentrated in pre-salt projects in the Búzios and Atapu fields. The 1Q25 Financial Results were released on Monday (05/12/25).

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“We started 2025 with robust operational and financial results, which reflect Petrobras' technical capability to overcome challenges and generate value for Brazilian society. We increased our production by 5.4% compared to the last quarter of 2024 and thus reached US$ 8.5 billion in cash from our operations, which allows us to invest to continue generating value and remunerate our shareholders”, stated Petrobras CEO Magda Chambriard.

The financial result was positively impacted by a 7% appreciation in the exchange rate (Real vs Dollar) at the end of the quarter. Disregarding the impact of exchange rate variation and other non-recurring events in the quarter, the net income for the period was R$ 23.7 billion (US$ 4 billion), 31% higher compared to 4Q24.

Adjusted EBITDA excluding non-recurring events reached R$ 62.3 billion (US$ 10.7 billion), an 8% increase compared to the fourth quarter of 2024. The improved result mainly reflects increased volumes of oil produced and sold, in addition to a more favorable external environment marked by a rise in diesel crack spreads.

Petrobras returned R$ 65.7 billion to society in taxes paid during the period. A total of R$ 11.72 billion in dividends and interest on equity related to the 1Q25 result were approved.

Investments in the quarter

Petrobras invested R$ 23.7 billion (US$ 4.1 billion) in the first quarter of 2025, mainly due to progress in major pre-salt projects in the Santos Basin.

“We remain committed to executing our Business Plan, which is why we invested US$ 4.1 billion in this first quarter of the year, which represents 22% of the annual guidance. These investments are concentrated in pre-salt projects, especially in the Búzios and Atapu fields. We are carrying out more drilling and well interconnections and advancing the construction of new units that will sustain our production curve. These investment projects create value for our shareholders and will translate into revenue in the coming years,” said Chief Financial and Investor Relations Officer, Fernando Melgarejo.

In the Refining, Transportation and Commercialization segment, highlights include the completion of Train 1 at RNEST and progress on the middle distillates hydrotreating (HDT) project at REPLAN.

Operational highlights

In the first quarter of 2025, Petrobras’ total oil and natural gas production reached 2.77 million barrels of oil equivalent per day (boed), which corresponds to an increase of 5.4% compared to the previous quarter. The FPSO Almirante Tamandaré began production on February 15 in the Búzios field, in the pre-salt Santos Basin. The FPSO has the potential to produce up to 225,000 barrels of oil per day (bpd) and process 12 million cubic meters of gas daily. In the Mero field, also located in the Santos Basin, the FPSO Alexandre de Gusmão arrived at the site and is expected to begin operations between the second and third quarters of 2025.

New discoveries were confirmed in the Campos Basin (Norte de Brava Block), in the Santos Basin (Aram and Búzios), and a Cased Hole Formation Test (CHFT) was completed in Colombia (Sirius-2 well).

In the first quarter, the modernization works on Train 1 at RNEST were also completed, increasing the refinery's processing capacity to 130 mbpd and the S-10 diesel production capacity by 6,000 barrels per day. In early May, the second module of the Natural Gas Processing Unit (UPGN) at the Boaventura Complex entered commercial operation, increasing total processing capacity to 21 million m3/day of gas.

In February 2025, Petrobras completed its first sale of VLSFO (Very Low Sulfur Fuel Oil) with 24% renewable content in the Asian market, in partnership with Golden Island, a bunker supplier in Singapore. This commercialization aligns with Petrobras’ strategy to develop sustainable and innovative products, contributing to a low-carbon market. Also in the commercial area, a contract was signed with Indian state-owned company Bharat Petroleum Corporation Limited (BPCL) to export up to 6 million barrels of oil per year starting in 2025.

Also in the first quarter, Petrobras and BNDES entered into a partnership to reforest the Amazon and strengthen the carbon credit market. The goal is to recover up to 50,000 hectares of forest and capture around 15 million metric tons of carbon.