State-owned company Petróleo Brasileiro S.A. (Petrobras) recorded a net profit of $6bn (€5.4bn) in the first three months of 2025, marking a 48.5% increase compared to the same period last year. This result represents a notable rebound from the last quarter of 2024, when the company posted a $2.8bn loss due to the depreciation of the Brazilian real.
Production growth and favourable exchange rate
According to the statement released on May 13, the improved performance was mainly attributed to a 5.4% increase in total oil and natural gas production, which reached 2.77 million barrels of oil equivalent per day. The volume growth, combined with a more favourable macroeconomic environment, contributed to higher profitability.
Petrobras also benefited from a 7% appreciation of the national currency, the real, against the US dollar, reducing accounting losses tied to international operations and foreign-denominated debt.
Advance dividend payment
Alongside the quarterly earnings announcement, Petrobras confirmed the approval of an advance dividend payment totalling BRL11.72bn ($1.86bn). The payment is considered a pre-distribution of earnings for the 2025 fiscal year, targeting shareholders, with the Brazilian government remaining the majority stakeholder.
Exploration projects in the Amazon basin
Petrobras’ management is maintaining its strategic focus on developing new reserves. President Luiz Inacio Lula da Silva’s administration supports offshore exploration near the Amazon River mouth, arguing that significant revenues are essential to support the country’s energy transition. The project is still awaiting a regulatory licence and has sparked reactions ahead of the upcoming COP30 summit scheduled for November in Belém.
Petrobras has not specified a timeline for the regulatory decision regarding the project but confirmed its investment strategy continues to prioritise pre-salt resources already in production.
