Published
# Petrobras (PBR) - Recent Events, Second Quarter 2026 and After Petrobras is a foreign private issuer and furnishes its current reports on Form 6-K. Petrobras reports in US dollars, so its own US dollar figures are shown as reported. Amounts the company states only in Brazilian reais are converted to US dollars at the closing rate on the date of the filing (or the nearest available date), and the converted figures are labelled as such. Each ADS represents two common shares (PBR), and each PBR/A ADS represents two preferred shares. Coverage runs from January 2026 through the 6-K filed October 8, 2026. ## Filings that contain financial statements - **Form 6-K, filed 2026-08-07, accession 0001292814-26-004133.** Unaudited condensed consolidated interim financial statements in US dollars for the six months ended June 30, 2026 (income statement and comprehensive income for the three and six months, with 2025 comparatives; statement of financial position at June 30, 2026 against December 31, 2025; cash flows and changes in equity for the six months), with notes and the KPMG review report. This is the primary source for the second quarter of 2026. - **Form 6-K/A, filed 2026-09-21, accession 0001292814-26-004623.** Re-furnishes the same June 30, 2026 interim statements with inline XBRL. Its explanatory note says it is filed "solely for the purpose of adding Exhibit 101" and amends nothing else. A line-by-line comparison against the original found every reported figure identical; the amendment differs only in presentation (it labels subtotal rows such as net income for the period and total comprehensive income, and spaces negative numbers differently). Where the two agree, the original 6-K is the reference. - **Form 6-K, filed 2026-08-07, accession 0001292814-26-004131.** Interim financial information at June 30, 2026 expressed in Brazilian reais (statement of financial position, income, comprehensive income, equity, cash flows, segment statements and notes), prepared for the Brazilian market. - **Form 6-K, filed 2026-08-07, accession 0001292814-26-004129.** Second-quarter 2026 financial performance report in US dollars, with the quarterly results tables (second quarter 2026, first quarter 2026, second quarter 2025, first half 2026 and first half 2025), segment results, and a financial statements exhibit. - **Form 6-K, filed 2026-08-20, accession 0001292814-26-004304.** "Financial Information Jan-Jun/2026" presentation in US dollars: key financial table, revenue and cost analysis, capital expenditure, liquidity and cash flow, debt, Adjusted EBITDA reconciliations and segment results for the first half of 2026. - **Form 6-K, filed 2026-05-12, accession 0001292814-26-003000.** Unaudited condensed consolidated interim financial statements in US dollars at and for the three months ended March 31, 2026. Accession 0001292814-26-002988, filed the same day, carries the reais-denominated interim financial information for the same period. A first-quarter "Financial Information Jan-Mar/2026" presentation followed on 2026-05-22 (accession 0001292814-26-003167). - **Form 20-F, filed 2026-04-09, accession 0001292814-26-002168.** Audited annual financial statements for the year ended December 31, 2025. ## Second-quarter 2026 results (6-K, 2026-08-07) - **Quarter ended June 30, 2026.** Sales revenues were $33,607 million (first quarter 2026: $23,535 million; second quarter 2025: $21,037 million). Gross profit was $19,493 million against $10,012 million a year earlier. Net income attributable to shareholders was $10,428 million, against $6,199 million in the first quarter and $4,734 million in the second quarter of 2025 (accession 0001292814-26-004129; income statement in 0001292814-26-004133). - **Earnings per share.** Basic and diluted earnings were $0.81 per common and preferred share for the quarter ($0.37 a year earlier) and $1.29 for the first half ($0.83). Per ADS, representing two shares, that is twice those amounts. - **First half 2026.** Sales revenues $57,142 million (up 35.7% from $42,110 million), net income attributable to shareholders $16,627 million (up 55.3% from $10,708 million), net cash from operating activities $20,649 million (up 28.8%), and Adjusted EBITDA $29,964 million (up 52.2%). Average Brent was $92.57 per barrel against $71.74. - **Quarter metrics.** Brent averaged $104.52 per barrel in the second quarter against $80.61 in the first. Adjusted EBITDA was $18,615 million ($19,959 million excluding one-off events, per the company's measure) and free cash flow $7,659 million. Net income excluding one-off events was $11,073 million. The company attributes the quarter to higher production (including the P-79 start-up), record refinery utilization of 101.2%, and higher Brent prices. - **Costs and charges that moved.** Other taxes were $1,658 million in the first half against $250 million, mainly a $1,087 million export tax on crude oil and diesel imposed by Provisional Measure 1,340/2026 (12% on crude oil exports, 50% on diesel exports); $965 million of that fell in the second quarter. First-half impairment was a net reversal of $191 million, driven by a $405 million reversal on the UFN-III fertilizer project after construction was approved to resume, partly offset by a $227 million impairment on platform P-52 in the Roncador field, after the restart of its production was pushed from September 2026 to March 2027 (note 20, accession 0001292814-26-004133). Income taxes were $6,737 million against $4,765 million. - **Subsidy revenue.** First-half sales revenues include $2,051 million for the road-use diesel subsidy program, $159 million for the gasoline program and $17 million for the LPG program (accession 0001292814-26-004304). - **Balance sheet and debt at June 30, 2026.** Gross debt (finance debt plus leases) $70,806 million against $69,793 million at year-end; net debt $60,388 million against $60,593 million; net debt to last-twelve-months Adjusted EBITDA 1.14 against 1.42. Finance debt was $25,834 million and lease liabilities $44,972 million. Cash and cash equivalents were $6,483 million (adjusted cash $10,418 million). Total assets were $247,077 million and equity $93,083 million. - **Capital expenditure.** First-half capital expenditure was $10,405 million (up 22.5%), of which exploration and production was $8,807 million. Capital expenditure in the second quarter was $5,299 million. - **Financing activity in the first half.** Repayments of finance debt were $4,205 million, including the repurchase and optional redemption of $694 million of international bonds; new borrowings were $1,931 million. Dividends paid to Petrobras shareholders were $3,742 million. ## Shareholder remuneration - **2025 full-year remuneration, approved at the April 16, 2026 Annual General Meeting (6-K, 2026-04-17, accession 0001292814-26-002361).** Total R$41.2 billion, or R$3.19936420 per share, including amounts already paid in 2025 and early 2026. The June 30, 2026 interim statements (accession 0001292814-26-004133, shareholder remuneration note) state the 2025 remuneration as $7,507 million, or $0.5814 per share. The fourth-quarter 2025 distribution of R$0.62622908 per share (about $0.13 per share, converted at the April 17, 2026 closing rate), before inflation adjustment, was paid in two installments on May 20 and June 22, 2026 (ADR holders: from May 28 and June 29, 2026). - **First-quarter 2026 remuneration, approved May 11, 2026 (6-K, 2026-05-12, accession 0001292814-26-002977).** R$9.03 billion, or R$0.70097272 per share; the June 30, 2026 interim statements (accession 0001292814-26-004133, shareholder remuneration note) state it as $1,845 million, or $0.1431 per share (about $0.29 per ADS). Payable in August and September 2026. The Board applied the policy of distributing 45% of free cash flow when gross debt is at or below the plan ceiling. - **Second-quarter 2026 remuneration, approved August 6, 2026 (6-K, 2026-08-07, accession 0001292814-26-004123; subsequent-events note in 0001292814-26-004133).** R$17.4 billion, or $3,406 million as stated by the company, equal to R$1.34814262 per share ($0.2642 per share, about $0.53 per ADS). It consists of $1,191 million of interim dividends and $2,215 million of interest on capital, with a record date of August 21, 2026. It is payable in two equal installments on November 23 and December 21, 2026, adjusted by the Selic rate. A September 30, 2026 notice (accession 0001292814-26-004760) sets a December 7, 2026 deadline for non-resident investors to claim tax exemption or differentiated treatment. ## Acquisitions, partnerships and portfolio Signed but not yet closed, per the filings through October 8, 2026: - **Tartaruga Verde field and Espadarte Module III (Campos Basin).** On April 9, 2026 Petrobras signed contracts with Petronas to buy its 50% interest in both assets, restoring a 100% interest, for $450 million: $50 million paid at signing, $350 million at closing, and two deferred installments of up to $25 million each at 12 and 24 months after closing. Closing awaits conditions including ANP approval; the August 7 interim statements still describe it as awaiting those conditions (accessions 0001292814-26-002195 and 0001292814-26-004133). - **Argonauta field ring-fence (Campos Basin).** Agreement dated April 27, 2026 to acquire 100% of the portion of the Argonauta field (BC-10) held by Shell, ONGC and Brava, for R$700 million plus $150 million two years after closing. The interim statements put the reais portion at $134 million at their rate. Closing awaits ANP and CADE approval. It would lift Petrobras's share of the Jubarte shared reservoir to 98.11% (accessions 0001292814-26-002551 and 0001292814-26-004133). - **Itaimbezinho exploration block (Campos Basin).** On June 10, 2026 Petrobras agreed to buy a 50% interest from Equinor, subject to CADE and ANP approval (accession 0001292814-26-003409). - **Namibia Block 2613.** Announced February 6, 2026: a 42.5% stake with TotalEnergies as operator; completion subject to conditions precedent including Namibian government approvals (accession 0001292814-26-000253). Completed: - **Braskem joint control.** On April 23, 2026 Petrobras told Novonor it would not exercise its preemptive and tag-along rights and signed a new shareholders' agreement with the FIP vehicle that took Novonor's shares (accession 0001292814-26-002489). The interim statements say the agreement became effective on June 3, 2026 when the shares were transferred. Petrobras keeps 36.15% of Braskem's capital (47.03% of the voting capital); Braskem is now classified as a joint venture rather than an associate and is still accounted for by the equity method (accession 0001292814-26-004133). - **Lightsource Brasil NewCo Holding.** On May 20, 2026 Petrobras acquired 49.99% of the voting capital through a $32 million capital contribution, a joint venture in onshore renewable energy (accession 0001292814-26-004133). - **São Tomé and Príncipe Block 3.** Petrobras concluded the acquisition on July 9, 2026 and is operator with 75%, alongside Oranto (15%) and the national petroleum agency (10%) (accession 0001292814-26-003721). - **Tupi shared reservoir.** Settlement of the first redetermination was completed on March 31, 2026: in the first half of 2026 Petrobras received $595 million from partner companies and paid $119 million to the federal government, represented by PPSA (note on production individualization agreements, accession 0001292814-26-004133). The amounts were recognized in the fourth quarter of 2025; Petrobras's share rose from 67.216% to 67.457% (accessions 0001292814-26-002077 and 0001292814-26-004133). - **Sépia and Atapu earnout.** Petrobras received R$1.65 billion (about $316 million) on February 6, 2026 in additional earnout compensation for 2025 (accession 0001292814-26-000255). Exploration acreage and discoveries: - **ANP offer cycles (6-K, 2026-10-08, accession 0001292814-26-004868).** In the 4th Production Sharing and 6th Concession Permanent Offer Cycles, Petrobras took 21 blocks adding more than 18,000 square kilometers. Signature bonuses total R$3.22 billion (about $616 million), payable by December 30, 2026, including R$232.4 million (about $44.5 million) for the two production-sharing blocks (Azurita and Cruzeiro do Sul, both 100%). Seven Ceará Basin blocks are held 70% with QatarEnergy at 30%. Converted at the October 2, 2026 rate, the latest available. - **Colombia.** On August 3, 2026 Petrobras reported a gas discovery in the Sandia-1 exploratory well, Block GUA-OFF-0, in deep water offshore Colombia (1,251 meters of water, 18 km from the Sirius-1 and Sirius-2 wells). Petrobras is operator with 44.44%, alongside Ecopetrol with 55.56% (accession 0001292814-26-004038). - **Côte d'Ivoire.** On September 17, 2026 Petrobras signed production sharing contracts for eight offshore blocks, holding 90% as operator with PETROCI at 10% (accession 0001292814-26-004582). - **Ghana.** On August 21, 2026 Petrobras entered direct negotiation of exploration contracts for four blocks in the Keta Basin after the Ghanaian ministry approved its application (accession 0001292814-26-004314). - **Foz do Amazonas.** Hydrocarbons were found in the Morpho well in block FZA-M-59 (100%, 2,886 meters of water) on August 14, 2026 (accession 0001292814-26-004270), and a further oil-bearing interval was reported on October 2, 2026 (accession 0001292814-26-004836). - **Campos Basin pre-salt.** A discovery in block C-M-477 (Petrobras 70%, bp 30%) was announced on April 13, 2026 (accession 0001292814-26-002232). ## Investment decisions and operations - **Sergipe Deepwater (SEAP).** On April 13, 2026 the Board approved the final investment decision for SEAP I, after SEAP II in December 2025 (accession 0001292814-26-002243). On May 29, 2026 Petrobras signed build-operate-transfer contracts with SBM Offshore for two FPSOs, with investment above R$60 billion (about $11.86 billion) across the projects. SEAP II oil starts in 2030 and SEAP I in 2031 (accession 0001292814-26-003241). - **UFN-III fertilizer plant.** On April 13, 2026 the Board approved resuming construction, with about $1 billion still to invest and commercial operations targeted for 2029 (accession 0001292814-26-002241). - **RPBC biorefinery.** On June 19, 2026 the Board approved a roughly $1.2 billion bio-jet fuel and renewable diesel plant at Cubatão with up to 15,000 barrels per day and start-up in 2030 (accession 0001292814-26-003554). - **Búzios P-79.** The eighth Búzios platform started production on May 1, 2026, ahead of the business plan date, bringing installed capacity at the field to about 1.33 million barrels per day (accession 0001292814-26-002736). ## Fuel subsidies Petrobras joined successive federal economic subsidy programs for diesel, gasoline and LPG during 2026, citing a supply shock from the armed conflict in the Middle East (accessions 0001292814-26-003141 and 0001292814-26-003269). It joined the program under Provisional Measure 1,358 on May 20, and the R$1.12 per liter (US$0.22 as stated in interim note 28.1.1) diesel subsidy under Provisional Measure 1,363 on June 1; adherence to the latter required suspending qualification under the earlier Provisional Measures 1,340 and 1,349 while preserving amounts already owed. On September 18 the Board approved joining a further diesel subsidy of R$1.00 per liter (about $0.19, converted at the September 18, 2026 closing rate) for 30 days under Provisional Measure 1,391, cumulative with the others and subject to implementing regulations (accession 0001292814-26-004612). Cumulative cash received under the diesel, gasoline and LPG programs was about R$6.9 billion (about $1.32 billion, converted at the August 14 closing rate) at August 14, R$9.5 billion (about $1.86 billion, converted at the September 11 closing rate) at September 11, and about R$13.3 billion (about $2.57 billion) at September 30, 2026 (accessions 0001292814-26-004262, 0001292814-26-004540 and 0001292814-26-004768). ## Debt - **7.375% Global Notes due 2027.** Petrobras Global Finance announced on May 28 the redemption of $670.0 million principal on June 26, 2026. The June 23 notice set the make-whole premium at $10.7 million and the total payment at $680.8 million, funded from cash (accessions 0001292814-26-003221 and 0001292814-26-003578). - **5.999% Global Notes due 2028.** Announced August 27, 2026: redemption of $1,080.9 million principal on September 25, 2026. The September 22 notice set a make-whole premium of $11.5 million and a total payment of $1,092.4 million, again from cash on hand (accessions 0001292814-26-004365 and 0001292814-26-004672). The filings reviewed do not report the settlement itself. ## Governance - Board chairman Bruno Moretti resigned on March 31, 2026 on his appointment as a federal minister (accession 0001292814-26-002041). On April 6 the Board elected Marcelo Weick Pogliese as chairman and replaced the Chief Logistics, Commercialization and Markets Officer, appointing Angélica Laureano (accessions 0001292814-26-002139 and 0001292814-26-002137). - The April 16 Annual General Meeting fixed an 11-member Board and elected its members (accession 0001292814-26-002388). On July 24 the Board elected William Vella Nozaki interim Chief Energy Transition and Sustainability Officer from August 1, 2026 (accession 0001292814-26-003912). - GQG Partners reported holding about 5.03% of the common shares (including ADRs) on May 21, and a decrease to about 4.99% on July 13, 2026 (accessions 0001292814-26-003157 and 0001292814-26-003752). ## Not reflected in the filings reviewed No 6-K through October 8, 2026 reports the closing of the Tartaruga Verde and Espadarte Module III, Argonauta or Itaimbezinho acquisitions, or the settlement of the 5.999% 2028 notes redemption.