Petrobras reported that its first‑quarter 2026 oil and gas output rose 16% year‑over‑year to 3.23 million barrels of oil equivalent per day, the highest level since the start of 2025.
The jump was driven by the ramp‑up of newly commissioned FPSOs—P‑78, Alexandre de Gusmão, Anna Nery and Anita Garibaldi—and a higher number of wells in the pre‑salt basin. Pre‑salt output exceeded 4 million boe/d, accounting for the majority of the company’s total production.
Total operated production reached 4.65 million boe/d, up 3.7% from Q4 2025. Refining output grew 6.7% to 1.816 million barrels per day, with utilization at 95%, underscoring the company’s integrated operational strength.
The record production supports Petrobras’ strategy of volume expansion to offset lower oil prices, strengthening operating cash flow and the balance sheet. Cost discipline and efficiency gains—particularly in the pre‑salt segment—contributed to the growth.
Management highlighted that the new FPSOs and pre‑salt wells are key to sustaining production momentum, while noting that capital allocation and dividend policy remain under state control.
Analysts noted that the production beat expectations, reflecting strong execution, though market reaction was tempered by broader geopolitical tensions affecting global supply.
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