Petrobras Q3 results 2026: BRL39.8bn profit as record oil output lifts guidance

Petrobras Q3 results showed a sharp rise in profit on record oil production. On 10 November 2026, Brazil’s state-controlled oil company posted Q3 2026 net income of BRL39.8bn ($7.7bn). That was up 21.5% from a year earlier. However, the figure fell short of the BRL47.02bn ($9.1bn) that analysts polled by LSEG had expected, Reuters reported.

Excluding one-off items, net income reached BRL47.9bn ($9.3bn), up 68% on Q3 2025. Meanwhile, adjusted EBITDA rose 34.3% to BRL85.8bn ($16.7bn). That also missed the LSEG consensus of BRL93.97bn ($18.2bn). Without one-offs, adjusted EBITDA came to BRL94.5bn ($18.4bn).

What drove the Petrobras Q3 results

Higher prices did much of the work. Brent averaged $97 a barrel in Q3 2026, up more than 40% on a year earlier, according to Petrobras. As a result, revenue climbed 32.4% to BRL169.35bn ($32.9bn).

Output also hit new highs. Oil production averaged 2.83 mmbbl/d, the company’s third quarterly record in a row. Total own production reached 3.51 mmboe/d, of which 2.96 mmboe/d came from the pre-salt. In addition, Petrobras said regulators let 11 platforms produce safely above their original capacity without extra investment.

Several one-offs held back the bottom line, though. These included BRL4.2bn ($0.8bn) for legal contingencies. There was also BRL3.6bn ($0.7bn) for a contract obligation tied to the tariff review of pipeline operator TAG. On top of that came BRL4.5bn ($0.9bn) of export tax on crude and diesel. In addition, a stronger real cut the foreign-exchange gain.

Petrobras raises 2026 guidance

Petrobras now expects 2026 oil production of 2.7-2.8 mmbbl/d, up from 2.5 mmbbl/d. “Our projection was to end the year with average production of 3.1 million barrels of oil equivalent per day, but our estimates now point to an average of between 3.3 and 3.4 million,” chief executive Magda Chambriard said. Faster platform start-ups and earlier first oil from P-79 at the Buzios field support the upgrade, Reuters reported. We covered the output records in our story on Petrobras production hitting 3.5mn boe/d.

Spending is rising too. Petrobras lifted its capex guidance for projects in execution to $24bn-25.5bn from $19.4bn. In Q3 2026 it invested BRL33bn ($6.4bn), including BRL27.5bn ($5.3bn) in exploration and production.

Downstream had a strong quarter as well. Diesel output hit a record 769,000 b/d, and refinery utilisation averaged 99%. Similarly, domestic product sales reached 1.854 mmbbl/d, the highest since Q3 2021.

Payout, cash flow and debt

Operating cash flow rose 15% to BRL61.8bn ($12bn), while free cash flow came to BRL34bn ($6.6bn). Consequently, the board approved a BRL15.3bn ($3.0bn) shareholder payout in dividends and interest on capital. It will pay the money in two instalments, on 22 February 2027 and 22 March 2027.

Debt also fell. Net debt dropped 4.2% from Q2 2026 to $57.8bn, and gross debt eased 1.2% to $70bn. Chief financial officer Fernando Melgarejo said the cash “supported the investments that are accelerating the execution of our projects”.

What to watch after the Petrobras Q3 results

For traders, the key point is supply. Brazil’s state producer is adding barrels faster than planned. As a result, more Brazilian crude could reach export markets. Next, investors will look for new output targets in the company’s next business plan. They will also watch whether the board keeps payouts high while capex climbs.

Entelera Research’s full Petrobras Q3 2026 results report covers profit, cash, debt, dividends, segments, production and the new guidance.

For a deeper analysis, read: Petrobras Crude Exports: Why US Buyers Jumped to 12% in Q3 2026