Q1 2026 Petroleo Brasileiro SA Petrobras Earnings Call Transcript
Key Points
- Petroleo Brasileiro SA Petrobras (PBR) achieved record oil and gas production levels, reaching 2.58 million barrels per day in Q1 2026, with further increases in April.
- The company successfully expanded the capacity of its FPSO Almirante Tamandare oil rig, increasing production by 45,000 barrels per day.
- Petrobras invested $5 billion in Q1 2026, with nearly 90% allocated to exploration and production projects, focusing on high-return investments.
- The company achieved a record high production of S10 diesel, producing 512,000 barrels per day in March, reflecting successful refinery modernization efforts.
- Petrobras maintained a strong financial position with an EBITDA of USD11.7 billion and a net income of USD4.5 billion, driven by higher production volumes.
- The rise in Brent prices was not fully reflected in Q1 2026 results, as the price surge began in March, affecting future earnings visibility.
- Petrobras faced challenges with a backlog of exports amounting to around 80,000 barrels per day, impacting immediate earnings.
- The company experienced a slight increase in gross debt, closing the quarter with USD71.2 billion, though the trend is expected to be downward.
- Petrobras is dealing with price volatility in the international market, impacting its pricing strategy for diesel and gasoline in Brazil.
- The company is navigating geopolitical conflicts affecting global supply and price pressures, which could impact future operational and financial performance.
Good morning, and welcome to Petrobras' webcast for investors and analysts about our results for the first quarter of 2026. It's a pleasure to be here with you today. This event will be held in Portuguese and English. You can access the links to both languages on our Investor Relations website. (Event Instructions)
We have with us today Magda Chambriard, CEO of Petrobras; and Angelica Laureano, Executive Logistics and Commercialization Director; Clarice Coppetti, Executive Director for Corporate Affairs; Fernando Melgarejo, Executive Director and Investor Relations, (inaudible), representing the Engineering Technology and Innovation Directors; Ricardo Wagner, Governance and Compliance Executive Director; Sylvia Anjos, Exploration and Production Director; and William França, Industrial Processes and Products and Temporary Energy Transition and Sustainability Director.
To start us off, we will begin with Fernando Melgarejo -- excuse me for CEO, Magda, who will make her opening remarks. Go ahead, ma'am.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
