Petrobras Posts Record 2Q26 Production of 3.34 MM boed, Refinery Utilization Hits All-Time High
PBR sits 60% above its 52-week low of $11.43.
Summary
Record 2Q26 production of 3.34 MM boed was driven by the early start-up of the P-79 FPSO and the ramp-up of other platforms. Refinery utilization hit an all-time high of 101.2%, cutting imports to a record low and lifting net exports 26%.
Key Events · Earnings and Guidance · PBR
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Record Total Own Production
Total own production reached 3.34 MM boed in 2Q26, up 14.1% YoY and 3.4% QoQ, driven by higher operational efficiency and the ramp-up of new FPSOs.
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P-79 FPSO Starts Up Early
The P-79 platform in the Búzios field began production on May 1, three months ahead of the 2026-30 Business Plan, adding 180 mbpd of capacity and helping the field reach a record 1.2 MM bpd.
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Refinery Utilization Hits All-Time High
The total utilization factor reached 101.2% in 2Q26, surpassing the previous record from 3Q14, enabling record production of S-10 diesel (509 mbpd) and jet fuel (109 mbpd).
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Imports Slashed, Net Exports Surge
Oil products imports fell to a record low of 67 mbpd, while net exports rose 26.2% QoQ to 1,075 mbpd, supported by higher crude output and refinery throughput.
Analysis · PBR · Energy & Transportation
A standout operational quarter saw total own production reach a record 3.34 million barrels of oil equivalent per day — a 14.1% jump from a year ago. Driving the surge, the Búzios field alone hit 1.2 million barrels per day, and the P-79 platform started up three months early, adding 180,000 barrels per day of capacity. Refineries ran at an all-time high 101.2% utilization, slashing oil product imports to a record low and boosting net exports by 26%. These numbers show the company executing well on its growth plan, with new capacity coming online faster than expected and existing assets running harder. For a $110 billion company, this level of operational beat is a clear positive signal — it means more barrels to sell into a strong margin environment, and it validates the heavy investment cycle. The new natural gas pricing mechanism tied to Brent also shows management proactively protecting demand amid volatile global prices.
At the time of this filing, PBR was trading at $18.26 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $109.6B. The 52-week trading range was $11.43 to $22.24. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.