Petrobras said its profits nearly tripled last year, hitting $19.6 billion, up from $7.5 billion in 2024, thanks to record oil and gas production. Lower operating costs—down 14%—and a stronger Brazilian real, which boosts dollar-denominated earnings, also helped.
Sales fell slightly, dropping 2.4% to $89.2 billion, but total production rose 11%, the highest ever for the company. “Even with Brent prices dropping sharply, we generated $36 billion in operating cash for the year,” said CFO Fernando Melgarejo, crediting growth to projects that boost production quickly and efficiently.
Petrobras plans to expand exploration, including a massive offshore project in the Equatorial Margin, about 500 km from the Amazon River’s mouth. Brazil approved the license last year despite environmental concerns, though drilling was paused in January after a fluid leak.
President Luiz Inacio Lula da Silva supports the project, saying oil revenues are crucial to fund Brazil’s energy transition, even as activists criticize the operation.
