Petrobras reported total oil, gas, and gas‑liquids production of 3.11 million barrels of oil equivalent per day (boed) in the fourth quarter of 2025, an 18 % increase from the 2.63 million boed recorded in Q4 2024. The jump reflects a sustained ramp‑up of pre‑salt assets, with the Almirante Tamandaré and Alexandre de Gusmão FPSOs contributing more than 80 % of the total output.
The 18 % year‑over‑year rise places Petrobras on a clear trajectory to meet its 2028 peak production target of 2.7 million boed. Management highlighted that the accelerated production is driven by higher operating rates at the Tamandaré FPSO, which recently achieved a record daily output of 1.2 million boed, and by the continued commissioning of the Alexandre de Gusmão platform.
Production growth translates directly into higher revenue and cash flow. In Q4 2025, Petrobras’ operating margin expanded to 9.9 % from 9.6 % in the prior year, driven by the lower cost base of deep‑water operations and the favorable mix of high‑margin gas liquids. The company’s cash‑flow generation improved by 12 % YoY, reinforcing its ability to fund future investments and manage debt.
Petrobras also reported a 79 % year‑over‑year increase in exports during Q4 2025, reaching 1.4 million boed shipped abroad. The export surge was largely powered by higher demand for natural gas liquids in the United States and Europe, where pricing remained robust despite global supply constraints.
Management emphasized continued focus on cost discipline and strategic investment in high‑return pre‑salt projects. “We are executing on our deep‑water strategy with disciplined capital allocation, which is delivering the production gains we need to reach our 2028 target,” said CEO João Silva. The company’s guidance for 2026 remains unchanged, reflecting confidence in sustaining production momentum while maintaining margin stability.
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