Petrobras reports 193% increase in profits

Brazilian oil company Petrobras posted a net profit of 61.86 billion reais (9.79 billion euros) in the first half of the year, a result 193.2% higher than in the same period in 2024, the company reported this Friday.

The profits of Brazil's largest company practically tripled in the first six months of 2025, thanks to a 5.4% increase in oil production, which offset the fall in the price of oil on the international market, according to a statement sent by the company to the market.

The Brazilian giant's profit in the first half of 2025 is practically double the total profit recorded in 2024 (36.61 billion reais or 5.79 billion euros), which allows us to predict a recovery in profits, which fell 70.6% last year and had already decreased 33.8% in 2023.

The oil company, controlled by the State, but with shares traded on the São Paulo, New York and Madrid stock exchanges, obtained a net profit of 26.65 billion reais (around 4.22 billion euros) in the second quarter, which more than reversed the losses of 2.60 billion reais (412 million euros) in the same period in 2024.

"We had an excellent operating result in the second quarter, driven by the implementation of new production systems (offshore platforms) and improved efficiency in the fields of operation," said the company's CFO, Fernando Melgarejo, quoted in the statement.

According to the executive, the increase in oil and gas production “had a positive impact on financial results and mitigated the impacts of the 10% drop in the price of Brent.”

Average production in the second quarter was 2.32 million barrels of oil, a 5% increase compared to the first quarter and an 8% increase compared to the same period in 2024.

According to the released balance sheet, the company's gross sales increased 1.0% compared to the first half of last year, to 242.27 billion reais (38.35 billion euros) in the first six months of 2025.

Likewise, adjusted EBITDA (adjusted operating profit) increased by 3.2% to 113.34 billion reais (17.94 billion euros) in the first half.

The company reported that its investments in the second quarter totaled 25.1 billion reais (3.97 billion euros), most of which were directed towards production projects in the gigantic pre-salt reserves, in deep waters of the Atlantic Ocean.

"We are accelerating our investments in highly attractive projects. In the first six months, we invested 48.8 billion reais (7.73 billion euros), 49% more than in the same period last year," said Petrobras CEO Magda Chambriard.

According to the balance sheet, Petrobras' gross debt rose to $68.06 billion (€58.37 billion) at the end of June, an increase of 5.5% compared to March and 14.1% compared to the same month last year, which the company attributed to growth in the leasing of offshore platforms.