<figure id="attachment_3298002" aria-describedby="caption-attachment-3298002" style="width: 1600px" class="wp-caption alignnone"><img loading="lazy" class="size-full wp-image-3298002" src="https://media.freemalaysiatoday.com/wp-content/uploads/2026/03/a0189946-8792123-petrobras.webp" alt="" width="1600" height="1000" /><figcaption id="caption-attachment-3298002" class="wp-caption-text">Petrobras saw profits nearly triple last year to US$19.6 billion from US$7.5 billion in 2024. (EPA Images pic)</figcaption></figure>
SAO PAULO: Petrobras, Brazil&#8217;s majority state-owned oil company, said Thursday that its profits nearly tripled last year thanks to record oil and gas output.
Net profit climbed to US$19.6 billion from US$7.5 billion in 2024, helped as well by a 14% drop in operating expenses and an increase in the value of the Brazilian real, which bolsters Petrobras&#8217;s earnings in dollars.
The profit jump came even as sales slipped 2.4% to US$89.2 billion, as total production was up 11%, the highest ever for the group.
&#8220;Even in a backdrop of a sharp decline in Brent prices, we generated US$36 billion in operating cash for the year,&#8221; Petrobras chief financial officer Fernando Melgarejo said in a statement.
He attributed the growth to the company&#8217;s focus on &#8220;quality projects that increase production, with high returns and quick cash generation.&#8221;
The company is aiming to expand its exploration activities to find new fields, including a huge offshore drilling project in the Equatorial Margin, about 500km from the mouth of the Amazon River.
Brazil granted a license for the project last year despite opposition from environmental activists, and Petrobras had to suspend drilling in January after drilling fluid leaks.
Left-wing President Luiz Inacio Lula da Silva has backed the exploration operation despite criticism from activists, arguing that oil revenues are needed to finance Brazil&#8217;s energy transition.

MatchPoint Times

Brazil’s Petrobras sees profit soar on record output

The oil company’s profit jump was helped by a 14% drop in operating expenses and an increase in the value of the Brazilian real.

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