Petrobras Surges Past Exxon and Chevron in 2026 Amid Dividend Reduction

Petrobras, the Brazilian state-controlled oil producer, has outperformed Exxon Mobil and Chevron in 2026, with its ADRs surging 62.64% year-to-date through August 20.

This impressive gain comes despite a significant reduction in its dividend payout, which shrunk from $1.89 per ADS in 2024 to just $0.71 per ADS in 2026.

Petrobras' first half results were equally impressive, with revenue up 35.7% to $57.14 billion and net income attributable to shareholders increasing by 55.3% to $16.63 billion.

The company's management has stated that it plans to reduce gross debt from $70.8 billion in Q2 2026 to $65 billion, with a target of reaching this level within the next few years.