Petrobras had a higher net profit margin than Saudi Aramco for the first time in the first half of 2026, based on an evaluation of company financial reports.
For that period, Petrobras showed a net margin of 29.15%. This means it kept 29.15 reais in profit for each 100 reais of sales. Saudi Aramco came in at 25.48%.
The list was put together by economist Cloviomar Cararine from Brazil’s Dieese research group and the Single Federation of Oil Workers, FUP. It looked at eight large oil companies from 2020 through the first half of 2026.
After Petrobras, the next figures were: Chevron at 18.01%. ExxonMobil at 16.33%. BP at 14.83%. Equinor at 12.84%. Shell at 9.94%. TotalEnergies at 9.44%.
In the first half, Petrobras reported net profit of 85.1 billion reais, or about $16.5 billion. That was up 37.6% compared with the same months in the prior year.
Cararine said the firm did better because it made more, benefited from higher world oil prices tied to the conflict between Iran and United States, cut some general costs, and leveraged Petrobras’ combined setup that covers both oil work and refining.
On Thursday, the company signed production sharing pacts with the Ivory Coast government and with Petroci Holding, the state oil company, covering eight offshore exploration areas.
Via Petrobras Netherlands B.V., Petrobras will own 90% and run the blocks labeled CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701, and CI-702. Petroci keeps the other 10%.
The deals bring Petrobras into these offshore zones. They also fit the firm’s plan to look for fresh oil and gas reserves beyond Brazil.
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