Petrobras (PBR.N) 2Q26 Operational Result: Robust quarter with production and refining records

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Petrobras (PBR.N) 2Q26 Operational Result: Robust quarter with production and refining records

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28 Jul 2026 20:22:37 ET │ 13 pages

Petrobras (PBR.N)

2Q26 Operational Result: Robust quarter with production and refining

records

CITI'S TAKE Neutral

Price (28 Jul 26 16:00) US$18.07 Petrobras delivered strong operational figures for 2Q26, highlighted by

Target price US$20.50 new records in both upstream and downstream. Total O&G production

reached a record 3.34mn boed (+3%QoQ, +14%YoY), driven by the Expected share price return 13.4%

successful ramp-up of recent FPSOs (P-78, Maria Quitéria, Alexandre de Expected dividend yield 13.8%

Gusmão), the start-up of P-79 and the start-up of 10 new producing wells. Expected total return 27.3%

In refining, the company achieved an all-time high utilization factor, Market Cap US$111,003M

leading to record fuel output of 1,918kbpd and the lowest level of product

imports on record. Domestic fuel sales remained stable QoQ, with higher

Diesel and LPG demand offsetting lower volumes of gasoline and jet fuel,

due to higher competitiveness of ethanol and seasonal effects. The strong Gabriel BarraAC

operational performance, combined with higher oil exports volumes, +55-11-4009-2223

higher average Brent prices and likely lower lifting costs, should translate gabriel.barra@citi.com

into stronger 2Q26 results and dividends, hindered by fuel price policy and Pedro Gama

the lag in subsidies receipt. +55-21-4009-0431

pedro.gama@citi.com

E&P: Petrobras’ 2Q26 total commercial production reached 2.9 mn boed, up +3% Andrés Cardona

QoQ and +14% YoY. This new record reflects the continued ramp-up of the P-78 +57-601-484-0441

(Búzios), Alexandre de Gusmão (Mero), and Maria Quitéria (Jubarte) FPSOs, plus the andres.cardona@citi.com