Petroperu Posts Record Net Profit, Turns Around Financial Loss

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A Significant Financial Pivot for the State Oil Company

The latest financial data from Petroperú offers a stark contrast to the previous year’s performance. While the company reported a net loss of US$ 197.1 million in the first four months of 2025, it has successfully shifted to a net profit of US$ 208.4 million for the same period in 2026, as reported by Gan@Más. This recovery occurs despite a 12.25% decline in total revenue, which fell from US$ 1,228.6 million in April 2025 to US$ 1,078 million in April 2026. The company’s EBITDA, a key measure of operational profitability, reached US$ 395 million for the period. According to RPP, management attributes this performance to systematic efforts to optimize the value chain and supply systems.

“Este desempeño refleja el impacto positivo de las medidas implementadas para optimizar la cadena de valor y el sistema de abastecimiento, así como una gestión más eficiente de inventarios y costos.” Petroperú, in an official statement via RPP.

Operational Efficiency and the Role of the Talara Refinery

The primary engine behind this recovery is a drastic reduction in the cost of sales. In April 2025, these costs totaled US$ 1,269 million—a figure that actually exceeded the company’s revenue at the time. By April 2026, those costs were slashed to US$ 692.4 million, a 45.4% reduction. This pivot allowed the company to move from a gross loss of US$ 40.5 million to a gross profit of US$ 385.7 million, as detailed by Gan@Más. Central to this operational stabilization is the performance of the Nueva Refinería Talara (NRT). Increased production of low-sulfur diesel and gasoline has bolstered domestic sales, providing a more reliable revenue stream even as the broader energy market remains volatile due to geopolitical tensions in the Middle East.

Debt Obligations and Lingering Negative Perspectives

Despite the improved quarterly results, the company’s long-term financial health remains a subject of scrutiny. As reported by gestion.pe, Petroperú’s total liabilities reached US$ 8,048 million as of April 2026, a slight increase from the US$ 8,010 million recorded at the end of the previous year. S&P Global Ratings recently reaffirmed its “B-” credit rating for the company, maintaining a negative outlook. While the agency acknowledged the company’s current ability to manage short-term debt, it highlighted a lack of clarity regarding long-term operational objectives.

“La afirmación de las calificaciones refleja nuestra opinión de que Petroperú tiene la flexibilidad financiera para cumplir con sus obligaciones de deuda a corto plazo.” S&P Global Ratings, via gestion.pe.

Government Support and Future Restructuring

To address liquidity concerns and ensure the continuity of fuel supplies, the government recently authorized a new financial mechanism via a decree of urgency. This initiative establishes a special-purpose vehicle of approximately US$ 2,000 million to assist with working capital and the replenishment of fuel inventories. According to El Peruano, the company is now working closely with Proinversión to accelerate the implementation of this funding. The goal is to stabilize Petroperú’s operations while the agency works to finalize a comprehensive business plan, a requirement that has been pending since the government’s initial directive on December 31, 2025.

“El decreto anunciado proporcionará apoyo a Petroperú y alivia sus problemas de liquidez a corto plazo. Ahora esperamos que ProInversión enfoque su plan de reestructuración en estrategias operativas.” S&P Global Ratings, via gestion.pe.

As the company moves forward, management emphasizes that while the recent profit marks a step toward stabilization, the operational challenges remain significant. Petroperú, which was founded in 1969, continues to navigate a complex restructuring process aimed at balancing its strategic role in the national energy market with the necessity of fiscal sustainability, as reported by Diario El Pueblo.