Petrobras reported third-quarter net income of R$39.7 billion ($7.1 billion), up 21.5% from a year earlier but below analysts’ R$47 billion expectation. The company paid R$4.5 billion in oil export taxes. An earlier account had put net income at R$39.8 billion ($7.7 billion). Excluding one-off items, net income rose 68% to R$47.9 billion ($9.3 billion), while adjusted EBITDA reached R$85.8 billion ($16.7 billion), or R$94.5 billion ($18.4 billion) excluding nonrecurring items. Operating cash flow increased 15% to R$61.8 billion ($12 billion). Average production reached a record 3.51 million barrels of oil equivalent per day, including about 2.96 million boe/d from pre-salt operations, marking Petrobras’ third consecutive quarterly oil production record in 2026. The company raised its 2026 production forecast to 3.3 million-3.4 million boe/d and lifted its oil and natural gas liquids outlook to 2.7 million-2.8 million barrels per day. Refinery utilization reached 99%, diesel production hit a quarterly record of 769,000 barrels per day and domestic refined-product sales reached their highest level since the third quarter of 2021. Petrobras raised its 2026 operating cash-generation forecast to $45 billion-$50 billion and its capital-expenditure forecast for projects under implementation to $24 billion-$25.5 billion. Net debt fell 4.2% from the previous quarter to $57.8 billion, while the company approved R$15.3 billion in dividends and interest on equity.