The profits of Brazil’s largest company nearly tripled in the first six months of 2025, driven by a 5.4% increase in oil production, which offset the decline in international oil prices, according to a company statement.
The Brazilian giant’s profit in the first half of 2025 is almost double the entire profit recorded in 2024 (36.61 billion reais or 5.79 billion euros), indicating a recovery in profits, which had fallen 70.6% last year and had already decreased 33.8% in 2023.
The state-controlled oil company, with shares traded on the stock exchanges of São Paulo, New York, and Madrid, achieved a net profit of 26.65 billion reais (around 4.22 billion euros) in the second quarter, reversing the losses of 2.60 billion reais (412 million euros) from the same period in 2024.
“We had an excellent operational result in the second quarter, driven by the implementation of new production systems (offshore platforms) and improved efficiency in operational fields,” said the company’s CFO, Fernando Melgarejo, in the statement.
According to the executive, the increase in oil and gas production “positively reflected in the financial results and mitigated the impacts of the 10% drop in Brent prices.”
The average production in the second quarter was 2.32 million barrels of oil, showing a 5% growth compared to the first quarter and an 8% increase compared to the same period in 2024.
The balance sheet disclosed that the company’s gross sales rose 1.0% compared to the first half of the previous year, reaching 242.27 billion reais (38.35 billion euros) in the first six months of 2025.
Similarly, the adjusted EBITDA (operational earnings) 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), mostly directed towards production projects in the massive pre-salt reserves in the 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), a value 49% higher than the same period last year,” said Petrobras President Magda Chambriard.
According to the balance sheet, Petrobras’ gross debt rose to 68.06 billion dollars (58.37 billion euros) at the end of June, marking an increase of 5.5% from March and 14.1% compared to the same month last year, which the company attributed to growth in offshore platform leasing.
