Petrobras fires $4.7 bn Q2 profit
Petrobras Posts $4.7 B Net Profit in Q2, Reverses Last Year’s Losses
Brazil’s state‑owned oil company Petrobras reported a hefty net profit of $4.7 billion for the second quarter, sharply recovering from a $469 million loss in April‑June 2024.
Strong Performance Rooted in Higher Production
- Daily crude output exceeded two million barrels, a rise from the same period last year.
- New production systems and improved “efficiency” boosted both gas and oil volumes, positively reflected in the financial results,
- Chief financial officer Fernando Melgarejo highlighted the “excellent” results,
Quarter‑1 Results Also Record‑High
Petrobras achieved a net profit of $6 billion in the first quarter, a 48.5 % year‑on‑year increase.
Upcoming Exploration in the Equatorial Margin
- The firm is awaiting a license from environmental authorities to begin exploratory drilling in an area covering approximately 350,000 km² (135,135 mi²) near the Amazon River mouth.
- President Luiz Inacio Lula da Silva supports the megaproject, arguing that the energy transition requires significant revenues to finance it.
Dividend Advance for 2025 Fiscal Year
Petrobras approved $1.6 billion in dividend payments to shareholders as an advance on remuneration for the 2025 fiscal year.
