Petrobras Posts 11% Production Growth with Búzios at 1 Million BPD, $17B E&P Spend
Petrobras boosted 2025 output by 11%, with Búzios and Tupi each exceeding 1 million barrels per day and a record 12-day anchoring of P-79 accelerating ramp-up at P-78. It invested $17 billion (84% of capex) in E&P, added 1.7 billion barrels of reserves (175% replacement), approved BRL 1.81 billion dividends and posted $42.5 billion EBITDA.
1. Production Growth and Platform Ramp-Up
Petrobras achieved an 11% increase in oil and gas output in 2025, driven by pre-salt fields. Búzios and Tupi/Iracema each surpassed 1 million barrels per day in October, while P-79 was anchored in a record 12 days and P-78 saw its fastest gas injection ramp-up.
2. Financial Performance and Market Resilience
Despite a 14% decline in average Brent to $69 per barrel, the company generated $42.5 billion in adjusted EBITDA, $19.6 billion in net income and $36 billion in operating cash flow. Management maintained capital discipline by avoiding oil-price hedging and leveraging favorable FX, offsetting macro volatility.
3. Capex Allocation, Reserves and Dividends
Eighty-four percent of investment ($17 billion) was allocated to exploration and production, leading to 77 well tie-ins and addition of 1.7 billion barrels of proven reserves for a 175% replacement rate. Petrobras ended 2025 with $69.8 billion gross debt (62% leasing) and secured board approval for BRL 1.81 billion in dividends.
4. Refining, Exports and Low-Carbon Initiatives
Refinery utilization reached over 91%, with 68–70% output in higher value-added products. Domestic product sales rose to 1.747 million barrels per day and oil exports averaged 675 000 bpd for the year (999 000 bpd in Q4). The company launched sustainable aviation fuel production and doubled contracted gas processing to 6.6 million m³/day.