$PBR · PETROBRAS - PETROLEO BRASILEIRO SA
Petrobras reported 3Q26 results with adjusted EBITDA excluding one-off events of US$18.4 billion (up 54% YoY) and net income excluding one-off events of US$9.3 billion (up 78% YoY). Record oil, NGL and natural gas production of 3.512 MMboed and record diesel production of 769 mbpd were achieved. The company raised 2026 total capex guidance to US$24-25.5 billion (from US$19.4 billion) and cash capex to US$21-22 billion, citing FX effects and better-than-planned execution rather than overruns.
- Record production of 3.512 MMboed in 3Q26; 2026 average now estimated at 3.3-3.4 MMboed vs prior 3.1 guidance.
- Adjusted EBITDA ex one-off events US$18.4B, up 54% YoY; net income ex one-off US$9.3B, up 78% YoY.
- Operating cash flow US$12.0B and free cash flow US$6.6B, up 22% and 33% YoY.
- 2026 total capex guidance raised to US$24-25.5B from US$19.4B; cash capex to US$21-22B.
- Net debt/LTM Adjusted EBITDA improved to 1.00x from 1.53x a year ago.
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Record production and a ~25% capex guidance hike signal accelerating pre-salt project execution, but one-off charges and export taxes dented reported profit.
Record pre-salt production and 99% refinery utilization position Petrobras to capture elevated Brent prices (US$97/bbl in 3Q26 vs US$69.07 a year ago).
One-off events of US$2.4 billion in 3Q26 included US$818M in legal/administrative/arbitration losses and US$867M in crude and diesel export taxes, pressuring reported net income.