Petrobras posts $19.6 billion profit in 2025 as production rises

(WO) - Petrobras reported net income of R$110.1 billion ($19.6 billion) for 2025, a 200% increase from the previous year, supported by higher oil and gas production and strong operational performance despite lower crude prices.

Total oil and gas production averaged 2.99 MMboed during the year, an 11% increase compared with 2024. The production growth was driven by the startup and ramp-up of several offshore floating production units, including the FPSOs Almirante Tamandaré and P-78 in the Búzios field and Alexandre de Gusmão in the Mero field. These additions contributed to roughly 585,000 bopd of new production capacity.

Operating cash flow reached R$200 billion ($36 billion), while the company invested R$112.9 billion ($20.3 billion) in 2025, with approximately 84% directed toward exploration and production projects. Petrobras said the investment supported offshore developments in the Búzios, Atapu and Sépia fields, as well as expanded drilling and subsea tieback campaigns.

Petrobras also reported incorporating 1.7 Bboe of reserves during the year, resulting in a reserve replacement ratio of 175% and extending the company’s reserves-to-production life to 12.5 years. Oil exports reached a record annual average of 765,000 bpd, reflecting higher production and continued expansion of international markets for Brazilian crude.

Pictured: The P-78 FPSO, which achieved first oil in December 2025 from the Buzios field.