Petrobras Posts 1Q26 Production Records and Secures R$44 Billion in Power Capacity Contracts

An announcement from Petroleo Brasileiro SA- Petrobras ( (PBR) ) is now available.

In the first quarter of 2026, Petrobras reported record operated production of 4.65 million barrels of oil equivalent per day and record own production in Brazil’s pre-salt layer of 2.66 million boed, supported by high refinery utilization and increased processing of pre-salt crude. The company also advanced FPSO procurement, expanded its refining output with a 6.7% rise in oil products versus 4Q25, and cut LPG imports through higher domestic production and utilization.

Operationally, Petrobras secured around 2.6 GW of capacity across nine thermal power plants in Brazil’s 2026 Power Capacity Reserve Auction, locking in an estimated R$ 44 billion in fixed revenue from 2026 to 2031. It acquired stakes in offshore blocks in Namibia and São Tomé and Príncipe, increased its interest in the Tartaruga Verde and Espadarte fields, and announced new oil and gas discoveries in Brazil’s Campos Basin and in Colombia.

The company recorded milestones in the Búzios and Mero fields, including P-78’s startup on December 31, 2025 and the ahead-of-schedule startup of the P-79 FPSO on May 1, 2026, each adding 180,000 barrels per day of capacity and lifting Búzios’ installed capacity to about 1.34 million bpd. Petrobras is prioritizing further expansion with ongoing construction of additional Búzios FPSOs and extensive well interconnection campaigns planned for 2026 and 2027.

Petrobras strengthened its market position through new export contracts to India and a diesel supply deal with Vale in Minas Gerais, while also surpassing 1,500 ship-to-ship operations at the Angra dos Reis terminal. It approved the restart of construction at the UFN-III fertilizer plant in April, targeting commercial operations in 2029, which is expected to bolster domestic fertilizer supply and diversify revenue.

Regulatory and environmental licensing progress underpinned project predictability, including drilling licenses in the Potiguar Basin, tie-in authorizations for multiple platforms and FPSOs, and approvals to increase throughput at the RNEST refinery and revamp RPBC’s distillation unit. Petrobras also secured licenses for ethanol co-processing and a green hydrogen pilot, and launched a Human Rights and Corporate Citizenship Supplement, alongside funding four urban climate adaptation projects in Brazil with over R$ 20 million, signaling stronger ESG commitments.

The most recent analyst rating on (PBR) stock is a Buy with a $24.80 price target. To see the full list of analyst forecasts on Petroleo Brasileiro SA- Petrobras stock, see the PBR Stock Forecast page.

Spark’s Take on PBR Stock

According to Spark, TipRanks’ AI Analyst, PBR is a Outperform.

The score is driven primarily by solid financial performance (strong margins and cash generation, though cyclical and less robust than peak years) and strong technical trend signals despite overbought momentum risk. Valuation is a major positive with a very low P/E and high dividend yield, while the earnings call supports the outlook via operational execution but flags key risks from oil-price exposure (no hedging) and elevated debt/leasing obligations.

To see Spark’s full report on PBR stock, click here.

More about Petroleo Brasileiro SA- Petrobras

Petróleo Brasileiro S.A. – Petrobras is a Brazilian state-controlled integrated energy company focused on oil and gas exploration and production, refining, fuel distribution, and power generation, with a growing emphasis on pre-salt offshore fields. The company supplies refined products such as diesel, gasoline, jet fuel, and LPG, and is expanding its international footprint through exploration acreage and export contracts, particularly in markets like India and Africa.

Average Trading Volume: 28,575,064

Technical Sentiment Signal: Buy

Current Market Cap: $125.4B

For detailed information about PBR stock, go to TipRanks’ Stock Analysis page.