Petrobras' Financial Highlights for Q1 2026

Petrobras reported strong financial results for the first quarter of 2026. Sales revenues increased by 11.7% to US$23,535 million, driven by a significant rise in exported crude oil revenues due to increased sales volumes and higher prices for fuel oil exports. The company also saw a boost in domestic market oil products revenue. Cost of sales increased by 14.1% to US$12,195 million, primarily due to higher production taxes and increased depreciation, depletion, and amortization related to new FPSO unit startups. Income (expenses) rose by 12.2% to US$3,492 million, with notable increases in selling expenses and other taxes, including an export tax levy. Net income attributable to shareholders increased by 3.8% to US$6,199 million. Capital expenditures rose by 25.6% to US$5,106 million, with the majority allocated to Exploration and Production (E&P) segment for pre-salt and Campos Basin projects. The company maintained a healthy liquidity position with Adjusted Cash and Cash Equivalents totaling US$9,121 million as of March 31, 2026. Gross Debt increased by 2.0% to US$71,214 million, while Net Debt rose by 2.5% to US$62,093 million. The Net Debt/LTM Adjusted EBITDA ratio remained stable at 1.43.