Petrobras shares rose 63% year-to-date, surpassing peers, as dividends fell to $0.71 from $1.89 in 2024 amid debt reduction efforts.
Petrobras (NYSE:PBR) ADRs climbed 62.64% year-to-date through August 20, outperforming Exxon Mobil’s 40.81% and Chevron’s 38.76% gains. The rally occurred despite a sharp decline in trailing annual dividends to $0.707311 per ADS, down from roughly $1.89 in 2024.
The company’s first-half results showed revenue up 35.7% to $57.14 billion and net income rising 55.3% to $16.63 billion. However, management prioritized reducing $71 billion in gross debt, while new Brazilian export taxes cost $1 billion in the first half. No extraordinary dividends are expected while Brent prices remain flat.
Petrobras’ preferred ADR (NYSE:PBR-A) also gained 53.53% year-to-date, with the next dividend payment of $0.142639 scheduled for September 28, 2026.