RIO DE JANEIRO, September 2, 2026, 16:38 (BRT) — American depositary receipts of Petróleo Brasileiro S.A. – Petrobras NYSE:PBR advanced 3.1% to $20.96 with Brent crude climbing toward $96 a barrel, as trading volume reached 19.0 million shares by 15:34 EDT, surpassing the three-month daily average.
- Petrobras ADRs rose 3.1% to $20.96 as of 15:34 EDT.
- Brent futures climbed 1.0% to $95.57, boosting upstream cash-flow leverage.
- Free cash flow for the second quarter surged, rising over twofold to reach $7.7 billion.
The shift in oil is significant as Petrobras achieved record production levels. In the second quarter, Brazil-operated oil output hit 2.7 million barrels per day. Lifting costs stood at just $6.33 per barrel of oil equivalent.
Wednesday’s advance followed stronger crude prices, with no fresh company filings. Brent traded at $95.57 at 15:23 EDT, rising 1.0%. Wider equity markets also gained ground as oil and bond yields stabilized after Tuesday’s decline.
Petrobras ADR intraday
The ADR began trading at $20.28 and advanced through the midday session. It reached a peak of $21.01, then retreated slightly. The 52-week high stood at $22.24.
The operating base has shifted significantly. Net income attributable to shareholders for the second quarter was $10.43 billion, marking an increase of 120% compared to the prior year. Revenue climbed 60% to $33.61 billion.
Rising output fueled robust oil prices and boosted cash flow. “The increase in oil and petroleum product output, combined with higher Brent prices, strengthened our cash generation,” finance chief Fernando Melgarejo said. Petrobras results release
Cash generation accelerated
Free cash flow climbed 122% year on year to $7.66 billion. Adjusted EBITDA rose to $18.62 billion, doubling from the prior year. Both figures posted significant gains compared to the first quarter.
The balance sheet imposes a limitation. As of June 30, gross debt totaled $70.81 billion. This figure stayed under the company’s $75 billion cap, yet surpassed its $65 billion goal.
Petrobras authorised R$17.4 billion in shareholder payouts for the second quarter. Investors holding preferred shares have three more scheduled distributions this year, with the next payment set for September 21.
Low multiple, scheduled cash returns
The valuation continues to reflect uncertainty. Yahoo’s forward price-to-earnings ratio was 5.26, and its projected yield reached 8.27%. Analysts gave it a composite rating of 1.6, which falls under Buy.
Risks: Brent prices may change direction sharply. Oil-price pass-through could be dampened by Brazilian fuel policy, taxation, or government intervention. Increased capital spending might limit distributions.
The immediate focus for investors will be Brent prices, the announced payment for September, and how production unfolds. The stock is currently trading roughly 6% under its 52-week peak.
