Petróleo Brasileiro S.A. - Petrobras (PETR4) Earnings Call Transcripts

Petróleo Brasileiro S.A. - Petrobras's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Petrobras reported strong operational results, with average oil production reaching 2.58 million barrels per day, surpassing last year's average and achieving a record 2.73 million barrels per day in April. The company generated an EBITDA of $11.7 billion and a net income of $4.5 billion, despite the impact of delayed recognition of higher Brent prices. Management maintained its guidance for the year, indicating confidence in continued production growth and operational efficiency, while emphasizing a commitment to capital discipline and investment in high-return projects.

Reported metrics

Guidance from management

Management maintained its production guidance for 2026, indicating a focus on operational efficiency and capital discipline while aiming for production above the midpoint of the target.

What management said

Thank you, Fernando. Thank you, Magda. We will now begin the question-and-answer session. [Operator Instructions] The first question will be asked by Leonardo Marcondes from Bank of America.

Well, it's also important to say that there is no indication of any risk of structural shortage on the market because in Brazil, we have multiple agents and A&P as a regulatory coordinator, and they've been constantly monitoring the volumes available on the market. Petrobras has been contributing with our production and also within the safety parameters. We've been monitoring the market constantly in order to define ...

What analysts pressed on

Analysts expressed concerns regarding the impact of geopolitical events on oil prices and the potential need for price adjustments in the domestic market. There were also questions about the sustainability of production growth given the current investment strategy.

Main topics on the call

• Record Production Levels — Petrobras achieved an average production of 2.58 million barrels per day in Q1 2026, with a record of 2.73 million barrels per day in April, marking a 30% increase from the previous year. CEO Magda de Regina Chambriard s...
• Increased Refining Capacity — The refining utilization factor reached 97.4%, the highest since 2014, with production of S10 diesel hitting a record 512,000 barrels per day. This reflects the company's investments in modernization and operational effi...
• Financial Performance — Petrobras reported an EBITDA of $11.7 billion and a net income of $4.5 billion for the quarter, with operating cash flow at $8.4 billion. Management noted that the rise in Brent prices will positively impact future resul...
• Capital Expenditure Focus — The company invested $5 billion in Q1 2026, with nearly 90% allocated to exploration and production projects. Management emphasized a focus on high-return projects, stating, "Our CapEx is focused on high return projects....

Read the full Petróleo Brasileiro S.A. - Petrobras transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 34 Petróleo Brasileiro S.A. - Petrobras earnings call transcripts on record, spanning February 20, 2020 to August 7, 2026. Based on this history, Petróleo Brasileiro S.A. - Petrobras reports quarterly. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

PETR4

Exchange

BOVESPA

Country

BR

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

34

First call

February 20, 2020

Most recent

August 7, 2026

Reporting cadence

quarterly