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Petrobras (PETR4) investor relations material
Petrobras Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Oil and natural gas production rose 5% quarter-over-quarter, reaching a record 4.2 million boed, driven by new platforms and well connections, including the early start of FPSO Alexandre de Gusmão.
Major operational milestones included new discoveries in the Santos Basin pre-salt and significant progress in ESG and technological innovation.
Gas supply to the market increased by 15%, supported by new infrastructure and contracts, with free market volumes up 170% in 1H25.
Maintained profitability and value generation despite a 10% decline in Brent prices, focusing on cost reduction and efficiency.
Investments in refining, gas processing, and sustainability initiatives supported operational excellence and emissions reduction.
Financial highlights
Adjusted EBITDA for 2Q25 was $10.2 billion, down 4% from 1Q25; net income excluding one-off events was $4.1 billion, while reported net income ranged from $4.7 billion to $7.5 billion depending on one-off impacts.
Operating cash flow was $7.5–8.5 billion in 2Q25, with free cash flow at $3.4 billion.
CapEx for Q2 was $4.4 billion, up 9% year-over-year, totaling $18.5 billion year-to-date and aligned with annual guidance.
Sales revenues were $21.0 billion, nearly flat sequentially but down 10.4% year-over-year.
Gross profit was $10.0 billion, down 3.6% from 1Q25 and 14.6% from 2Q24.
Outlook and guidance
Production is expected to reach the upper end of the 2025 target range, with Búzios P-78 start-up in 4Q25 and continued ramp-up of new FPSOs.
CapEx guidance remains at $18.5 billion for the year, with flexibility to adjust future projects based on oil price scenarios.
Dividends set at 45% of free cash flow for Q2, totaling R$8.7 billion to be distributed in two installments.
What is the expected impact of AIP on Petrobras?
How did RNEST's Train 1 capacity expansion affect RTM?
What drove lifting cost reduction in pre-salt?
What's the plan for revitalizing Tupi field?
How will lower oil prices impact project timelines?
What's the strategy for Amazonas blocks with Exxon?
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Next Petrobras earnings date
Q3 2025 TU24 Oct, 2025
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Frequently asked questions
A global energy giant
Petrobras, short for Petróleo Brasileiro S.A., is a Brazilian multinational energy company operating in the oil, gas, and energy sectors. It is one of the largest integrated energy companies in the world and plays a significant role in Brazil's economy.
Petrobras' business model encompasses exploration, production, refining, and distribution of oil and gas products. The company operates across the entire value chain, from upstream activities such as exploration and production to downstream operations including refining, distribution, and marketing of petroleum products. Petrobras also has a presence in the biofuels and renewable energy sectors.
Geographical presence as an advantage
The opportunities for Petrobras lie in the vast offshore oil reserves found in Brazil's pre-salt layer, which has positioned the country as a significant player in the global oil industry. Petrobras has been actively investing in developing these reserves and expanding its production capacity. Additionally, as the demand for renewable energy grows, Petrobras has the opportunity to invest in the development of biofuels and other clean energy sources.
Scandals and challenges
One of the primary challenges is the volatility of global oil prices, which can impact its profitability and financial performance. The company also faces regulatory and political risks, as it operates in a highly regulated industry with government involvement. Environmental concerns and the need to transition to a low-carbon economy also pose challenges for Petrobras in terms of sustainability and public perception.
In recent years, Petrobras has faced significant financial challenges. The company has been impacted by corruption scandals and has incurred substantial debt. However, it has implemented measures to improve its financial situation, including divestments of non-core assets, cost-cutting initiatives, and focusing on its core oil and gas operations. The company has made progress in reducing its debt and improving its financial indicators.
Three listed peers to Petrobras in the energy sector include: ExxonMobil, Chevron, and Royal Dutch Shell.
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