Petrobras (PETR3; PETR4) Outperforms Aramco, Expands to Ivory Coast

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.

Petrobras employees (PETR3; PETR4) are forbidden to strike by the Brazilian Superior Labor Court (TST)

The Brazilian Superior Labor Court (TST) upheld Petrobras' injunction preventing oil tankers from going on strike on Monday, 25. The schedule was to stop for four days, arguing that the company is breaching parts of the collective bargaining agreement, of clauses concerning safety at work and the environment and rights granted to contractors, according to the Single Federation of Oilers (FUP).

Meanwhile, Petrobras' largest refinery, Replan, in Paulínia (SP), recorded a 25% increase in oil refining last month, with 1,769,770 cubic meters (m³) processed in October representing the best. performance for the period since 2015.

Petrobras (PETR3; PETR4) announces employee benefit cut

According to Suno Research, Petrobras (PETR3; PETR4) will begin to withdraw benefits and migrate to current labor legislation. This means that the Brazilian state-owned company, faced with the current deadlock in negotiations with the Single Federation of Oil Tankers (FUP), regarding the collective bargaining agreement, decided to go for individual agreements, with some specific benefits. This, of course, greatly weakens workers and will favor the company, which may adopt more aggressive stances in individual negotiations.

Currently, Petrobras and FUP are negotiating in the Superior Labor Court (TST) to try to reach a new collective agreement. According to the FUP, among the points under discussion are the compensation for overtime and co-participation in the health plans of employees.

This stalemate could lead the category to a strike, which could gain greater connotations and hinder the sale of pre-salt oil fields at the so-called mega auction scheduled for November this year. Petrobras, in turn, said in a statement that "it was tireless in seeking a deal", even presenting two new versions of its original proposal.