Petrobras earns USD 6 billion in third quarter

Brazilian state-owned oil company Petrobras reported a net profit of 32.705 billion reais in the third quarter (about USD 6.027 billion), 0.5% higher than in the same period last year.

The quarterly earnings of the country’s largest company were also 22.7% higher than in the previous quarter.

The company’s CFO, Fernando Melgarejo, attributed the profit to an increase in crude output, which helped offset the decline in international prices, with Brent falling USD 11 per barrel over the past 12 months.

“Petrobras is generating positive financial results and shareholder returns, even in a new oil-price environment,” said Melgarejo, cited in the report, noting improved operational efficiency as well.

The company produced an average of 4.54 million barrels per day of oil and oil-equivalent gas in the third quarter, 17.3% more than in the same period a year earlier.

Meanwhile, Petrobras reported revenue of 127.906 billion reais (about USD 23.9 billion), a 1.3% decline compared with the third quarter of 2024.

Investments reached USD 5.51 billion, a 24.3% increase year-over-year, primarily allocated to production development.

Adjusted EBITDA came in at 63.913 billion reais (approximately USD 11.94 billion), a modest 0.4% increase from the same period last year.

The company’s gross debt reached USD 70.711 billion at the end of September, a 3.9% increase compared with June.

A few weeks ago, Petrobras obtained an environmental permit from the government to begin exploring an offshore field off the Amazon coast — an environmentally sensitive area, but one the company sees as key to boosting future production.