Petrobras stock after profit jump: 2026 output target raised

Petrobras reported stronger third-quarter operating and financial figures on Wednesday, November 11, as record production, higher crude prices and refining performance lifted the outlook. Valor International reported that net income for the July-to-September period reached BRL 39.75 billion, up 21.5 percent from a year earlier.

Higher production lifts the outlook

Sales revenue rose 32.4 percent year over year to BRL 169.3 billion. Adjusted earnings before interest, taxes, depreciation and amortization increased 34.3 percent to BRL 85.8 billion.

Petrobras raised its 2026 forecast for oil and gas output from 3.1 million barrels of oil equivalent per day to a range of 3.3 million to 3.4 million barrels per day. The company also reported record diesel production and average refinery utilization of 99 percent during the quarter.

Cash flow supports distributions

Petrobras approved BRL 15.3 billion in shareholder distributions as an advance payment for fiscal 2026 returns. The first installment of BRL 0.59366387 per common and preferred share is scheduled for February 22, 2027, followed by a second installment of the same amount on March 22, subject to the stated approval process.

Gross debt stood at USD 69.97 billion at the end of the quarter, below the USD 75 billion ceiling used as an assumption in the 2026-2030 business plan. Brent crude averaged USD 97 per barrel in the quarter, compared with USD 69.07 a year earlier, while oil exports rose 46.2 percent to BRL 43 billion.

What changed since the last report

Petrobras stock traded at 16.23 euros on Lang & Schwarz at 16:33 CET on Wednesday, November 11, 1.44 percent above the 16.00-euro quote cited in our report at 14:20 CET on the same day. This comparison is separate from the Xetra daily close.

The broader US equity market backdrop is tracked through the S&P 500.

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