Brazil's Petrobras reports a near $3 billion net income and plans a $1.5 billion dividend

In separate filings, the Brazilian state-run oil company?Petrobras announced a fourth-quarter net profit of?15.6?billion dollars ($2.96 billion). It plans to distribute interest on equity in the amount of 8.1 billion dollars.

The quarter-end net profit reversed the 17 billion real net loss of a year ago due to non-recurring expenses. Exports records boosted the results for October-December.

The increase in oil volume and the financial results achieved allowed Petrobras to counter the effects of Brent's price decline.

Petrobras produced 2.5 million barrels of oil per day in Brazil in the last quarter, which was a 20% increase over the company's guidance for the year and allowed it to boost its exports.

Sales to international markets increased 41.7% on an annual basis to 42 billion reals, while sales to domestic markets dropped 6.8% to 85 billion reals.

Petrobras exports of crude oil and derivatives in the fourth quarter of 2025 reached a record 1.2 million barrels per day. The state-run company expanded its clientele and increased shipments to Asia, while decreasing shipments to Europe and the U.S.

CAPEX RAMPS Up

Petrobras has invested $6.3 billion in the last three quarters of 2025. This is a 10.2% increase from the previous period. The company invested $20.3 billion in total for the year, which is 9.7% more than its planned target. However, it was still within their guidance range.

The firm stated that investments in the E&P segment accounted for approximately 84% (or the total) of all investments made in 2025. This contributed to the significant growth in production observed in that year.

Petrobras adjusted earnings - before interest, taxes and depreciation (EBITDA), stood at 59.9 bn reais. This was slightly higher than the average analysts' estimate of 59.3 bn reais according to an LSEG poll. It also marked a 46.3% 'increase' year-on-year.

Net revenue reached 127.4 billion reals, surpassing the analysts' prediction of 118.1 billion reals and increasing 5% from 2024's fourth quarter.

(source: Reuters)