Petrobras refineries reached 103% of Total Utilization Factor (FUT) on May 12, 2026 — an indicator that measures how much oil the company processes relative to the reference capacity of its 11 refineries. The figure was announced by Industrial Processes and Products Director William França during a conference call with investors on Tuesday (12th). ✓
Press quotes (1)
"O diretor de Processos Industriais e Produtos, William França, detalhou que a empresa está operando "já com 100%, 102%, 103%". "De ontem (11) para hoje (12) operamos com 103% nas nossas refinarias", completou França."
The FUT is a calculation that considers the volume of oil processed and the reference capacity of refineries, within the design limits of assets and safety, environmental and quality requirements for derivatives produced, according to Petrobras itself. França explained that the factor can exceed 100% because the processing load can be higher than the installed reference capacity, as long as approved by the National Petroleum Agency (ANP). ✓
Press quotes (1)
"O FUT é um cálculo que leva em conta o volume de carga de petróleo processado e a capacidade de referência das refinarias, dentro dos limites de projeto dos ativos, dos requisitos de segurança, de meio ambiente e de qualidade dos derivados produzidos."
In the first quarter of 2026, the FUT stood at 95%, peaking at 97.4% in March — the highest monthly utilization since December 2014, according to the company's official earnings report. President Magda Chambriard anticipated that April and May exceeded 100%. ✓
Press quotes (1)
"O Fator de Utilização (FUT) no Refino atingiu a marca de 95% no trimestre, sendo 97,4% em março, maior utilização mensal do parque desde dezembro de 2014."
França attributed the increase to the war in Iran, which closed the Strait of Hormuz in March and pushed international oil prices above $120 per barrel. "The more we refine our oil, the more money we're making," said the director, also highlighting investments in refinery reliability and reduction of scheduled maintenance in 2026. ✓
Press quotes (1)
"Tivemos o efeito da guerra. Quanto mais refinar o nosso petróleo, mais dinheiro a gente está ganhando. Estamos agregando valor além das exportações do petróleo"
FUT reached 103% on May 12, 2026
Operation above 100% is possible with ANP approval
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (1)
Iran war caused closure of Strait of Hormuz on March 4, 2026
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What is the technical safety margin for sustainable operation above 100% capacity?
Why it's still unknown: Sources do not specify technical or safety limits for prolonged operation above nominal capacity
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What was the most recent revision methodology for FUT calculation?
Why it's still unknown: No information available on updates to the indicator calculation methodology or historical data revisions
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What was the market reaction to the refinery utilization numbers?
Why it's still unknown: No source mentions movement in Petrobras shares, interest rate futures or exchange rates after the announcement