Petrobras Q2 Profit Surges on Higher Oil Prices and Output

Petrobras, Brazil's largest oil exporter, reported its third-highest quarterly profit in history, attributing it to higher oil and refined products output and a 54.1% increase in Brent crude prices, which averaged $104.52 a barrel during the period.

The state-owned company posted net earnings of R$52.44 billion in the second quarter, up 96.8% from R$26.65 billion a year earlier. The oil price surge was directly linked to the conflict in the Middle East.

Petrobras announced an advance payment of 2026 earnings, distributing R$17.4 billion to shareholders as two installments: R$0.67407131 per common and preferred share on November 23 and December 21, respectively.