Petrobras leads global oil profit margins and projects US$ 3.8 billion in dividends

Petrobras has achieved the highest profit margin among major international oil companies during the first half of 2026, according to a study by Dieese. With a margin of 29.15%, the Brazilian state-controlled company surpassed competitors including Saudi Aramco (25.48%), Chevron (18.01%), and ExxonMobil (16.33%).

Regarding financial outlooks, XP Investimentos projects that Petrobras may distribute approximately US$ 3.8 billion in dividends for the third quarter of 2026. This estimate suggests a slight increase from the US$ 3.4 billion distributed in the previous quarter, despite an expected decline in Ebitda to US$ 17.8 billion. The projected dividend yield is roughly 2.8%, or about US$ 0.59 per ADR.

The anticipated Ebitda decrease is attributed to the company maintaining relatively stable domestic fuel prices, which does not fully reflect the rise in international derivative prices. However, operational cash flow is expected to rise by about US$ 600 million compared to the previous quarter, driven largely by government subsidies related to fuel and a projected 5% increase in oil production, primarily from the Búzios field.