Brazil's Petrobras hits record Q1 output, driven by pre-salt surge

Main events in 1Q26:

->The platforms in Búzios field achieved a record daily operated production of 1,037 million barrels of oil on March 20th and a record of gas export of 12.4 million m on March 25th.

->Production in Mero field surpassed the milestone of 700 thousand barrels of oil in a single day. This result was achieved after the start-up of 1 additional well connected to the FPSO Alexandre de Gusmão.

-> The platforms in Santos Basin achieved a record daily of gas export of 44.8 million m on March 28th.

-> Strengthened operational reliability of production systems sustained a high level of asset efficiency, covering both pre-salt and post-salt basins, in line with the consistent performance observed in recent quarters.

-> P-78 platform, operating in Búzios field in pre-salt of Santos Basin, started gas injection on March 2nd, achieving the shortest commissioning time for the gas compression and injection system among Petrobras-owned platforms: 61 days since the start of production. With the start-up of gas injection, production on the 2 current producing wells has increased, totaling approximately 100 thousand barrels of oil per day.

-> The mooring of the P-79 platform was completed on February 21st, just 12 days after its arrival on location, setting a new record among Petrobras’ own platforms. P-79, located in Búzios field, is the eighth unit on the field, with capacity to process up to 180 thousand barrels of oil per day and compress 7.2 million cubic meters of gas. The project will enable gas exports to the mainland via Route 3 pipeline, with potential to expand Brazil's gas supply by up to 3 million m per day.

In this quarter, we achieved several production records, among which we highlight:

-> Total operated production in 1Q26: 4.65 million boed (previous record of 4.54 million boed in 3Q25)

-> Total own production in 1Q26: 3.23 million boed (previous record of 3.14 million boed in 3Q25).

-> Total operated production in pre-sal in 1Q26: 4.01 million boed (previous record of 3.90 million boed in 4Q25).

-> Total own production in pre-sal in 1Q26: 2.66 million boed (previous record of 2.56 million boed in 3Q25).

Highlights of the Refining, Transportation and Marketing segment:

Production recorded a 6.7% increase in total output of oil products compared to 4Q25, reaching 1,816 Mbpd. Notably, middle destillates (diesel and jet fuel) and gasoline accounted for 68% of total oil products in 1Q26. It is also worth highlighting that higher production allowed higher sales of locally produced oil products, reducing imports. In 1Q26, we had the lowest volume of LPG imports (26 Mbpd). This achievement is due to production at the Boaventura Energies Complex, which, together with higher utilization of the refining system, has increased total supply of the product and contributed to reducing import needs.

Below are the main events of the quarter:

-> Total utilization factor (FUT) of the refining system reached 95%, 6 p.p. above 4Q25, demonstrating the high operational efficiency of our refineries. Additionally, in March, we recorded a FUT of 97.4%, the highest since December 2014.

-> We set a record production of S10 diesel in March, at 512 Mbpd. Diesel with a maximum sulfur content of 10 ppm is a strategic product for both the company and the country, as it is less polluting and has a lower environmental impact. The share of pre-salt oil in the processed feedstock was 69%, reflecting our greater flexibility in using these streams to maximize the production of higher value-added products.

-> Domestic sales of oil products showed consistent growth in 1Q26, increasing 2.9% when compared to 1Q25. This result reflects the company’s improved competitiveness in strategic markets and its operational efficiency amid a recovering economic environment.

-> Jet fuel: with sales of 126 Mbpd, it increased by 3.3% and 9.6% compared to 4Q25 and 1Q25, respectively. 5 1Q26 Highlights -> Fuel oil exports were 3.3% higher in this quarter. We sold 187 Mbpd during the period, achieving the best performance since 1Q22.

-> We obtained authorization to operate the Atmospheric Distillation Unit (UV) at RPBC, increasing its processing capacity by 6 Mbpd (photo). The revamp of this unit not only enabled the expansion of processing capacity but also improved operational efficiency, contributing to the optimization of the refinery’s overall performance.

We achieved several production records, among which we highlight: Monthly record for S10 diesel production in March:

-> Refining system: 512 Mbpd

-> REPLAN: 139 Mbpd

-> RNEST: 78 Mbpd Monthly record for fuel oil production in January.

-> REFAP: 53.6 thousand tons

We signed a contract with Vale to supply S10 diesel (with 15% biodiesel) in Minas Gerais and to explore low-carbon business opportunities. Since 2023, we have been collaborating on sustainable solutions, and in 2024, we began testing Diesel R5 (5% renewable content, in addition to the mandatory 15% biodiesel) and bunker fuel with a 24% renewable share. The partnership strengthens our direct engagement with final consumers.

“Establishing this direct connection allows the company to better understand customer needs and be more precise in developing solutions that generate value for our clients and society. By offering high-performance fuels that also support companies’ decarbonization goals, we enhance our logistics structure and our ability to produce for globally relevant clients.” Magda Chambriard, CEO of Petrobras.

Highlights We achieved several records in oil and oil products logistics, including:

-> LPG outflow from Rio de Janeiro: we reached 75.8 thousand tons of LPG handled through the Comprida & Redonda Islands Terminal in Guanabara Bay in March 2026. This performance is a direct result of the installation of new loading arms on the terminal, which ensured a smooth outflow of the production of REDUC and Boaventura Energies Complex’ UPGNs.

-> Total diesel and gasoline throughput via OSBRA: in March 2026, we transported 756 thousand m of products through OSBRA, a level typically seen only in the second half of the year. The OSBRA pipeline system is Petrobras’ main logistics network for supplying the Central-West region, as well as ensuring full operation of REPLAN through the outflow of its production.

-> Record of oil products throughput via Santos: in March 2026, we handled 879 thousand m of products at the Santos pier, the highest volume since the early 2000s. Notably, we maximized the outflow of 402 thousand m of fuel oil, including bunker and OCEX (export fuel oil), supporting the full operation of refineries in São Paulo.

Note: The headline, insights, and image of this press release may have been refined by the ALCHEMPro staff; the rest of the content remains unchanged.

ALCHEMPro News Desk (RM)