Petrobras posts highest profit margin among major global oil companies, study says

Petrobras recorded the highest profit margin among a group of major international oil companies in the first half of 2026, outperforming companies including Saudi Aramco, ExxonMobil and Chevron, according to a study released Wednesday, September 16, by Brazil’s Unified Federation of Oil Workers, known as FUP.

The study was coordinated by economist Cloviomar Cararine of Dieese, a socioeconomic research institute linked to Brazil’s labor movement. FUP represents unions with more than 105,000 workers in the oil industry.

The analysis has compared the financial performance of major oil companies since 2020. This was the first time Petrobras ranked first in profit margin.

Petrobras margin reaches 29.15%

Profit refers to the amount a company retains after costs, expenses and taxes are deducted. Profit margin, meanwhile, measures how much of a company’s revenue ultimately becomes profit.

For example, a net margin of 15% means that for every R$100 in revenue, R$15 remains as net profit after costs, expenses and taxes.

The Petrobras profit margin reached 29.15% in the first half of 2026, according to Dieese. The Brazilian state-controlled oil company posted net income of R$85.1 billion during the period.

Among the companies tracked by the study, profit margins were:

• Petrobras: 29.15%
• Saudi Aramco: 25.48%
• Chevron: 18.01%
• ExxonMobil: 16.33%
• BP: 14.83%
• Equinor: 12.84%
• Shell: 9.94%
• TotalEnergies: 9.44%

Saudi Aramco had posted the highest margin every year from 2020 through 2025. Petrobras ranked second in all of those years except 2024.

The study used financial information disclosed by the companies themselves. Chinese oil companies such as Sinopec and PetroChina were not included in the comparison.

Petrobras ranks third in absolute profit

Dieese also compared the companies by total profit in U.S. dollars. Petrobras ranked third in the first half of the year.

The ranking was:

• Saudi Aramco: $65.4 billion
• ExxonMobil: $18.7 billion
• Petrobras: $16.6 billion
• Shell: $15.5 billion
• Chevron: $14.3 billion
• TotalEnergies: $11.8 billion
• BP: $9.5 billion
• Equinor: $7.9 billion
• ConocoPhillips: $6.1 billion

Production and refining support performance

Cararine attributed Petrobras’ performance to what he described as the company’s “high operating efficiency.”

According to the economist, the result was supported by higher production, stronger international oil prices amid the war in the Middle East, lower overall expenses and Petrobras’ position as an integrated company involved in both oil production and refining.

Cararine said that combination gives Petrobras greater capacity to withstand crises than some of its international competitors.

In the second quarter of 2026, Petrobras recorded its highest-ever oil and natural gas production, reaching 3.34 million barrels of oil equivalent per day.

Around 30% of that output, or 996,000 barrels per day, was sold abroad.

The company also reached a record refinery utilization factor of 101.2%. The indicator measures how intensively refinery capacity is being used.

The stronger production and refining performance helped lift the Petrobras profit margin above the other major oil companies included in the Dieese comparison during the first half of 2026.

Source: Agência Brasil

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