This Oil Stock Beat Exxon and Chevron in 2026. Its Dividend Shrank

Petrobras contracted Halliburton to drill four wells for Latin America's first saline-reservoir carbon capture and storage project in Rio de Janeiro. The São Tomé CCS Pilot Project aims to capture and store up to 110,231 U.S. tons of CO2 annually, starting in 2029, supporting Petrobras' carbon neutrality goal by 2050. The project will also help Brazil develop regulatory frameworks for future CCS initiatives.

Pemex and Petrobras are collaborating to explore deep, high-risk oil prospects in the Gulf of Mexico. Pemex, facing declining production and high debt, seeks to unlock potential resources in Jurassic formations. Petrobras, with extensive pre-salt drilling experience, brings technical expertise. Success could reverse Pemex's fortunes, but risks remain high. Pemex reported a 70% net profit drop in Q2 2024, producing 1.66 million bpd, below government targets.

Ghana's Ministry of Energy approved Petrobras' request to negotiate exploration contracts for four offshore blocks in the Keta Basin. This move aligns with Petrobras' strategy to expand in Africa and Ghana's goal to boost declining oil production. No specific block details or equity interests have been disclosed yet.

Petrobras (PBR) ADRs surged 63% in 2026, outperforming Exxon (XOM) and Chevron (CVX), despite a shrinking dividend. Revenue and net income grew significantly, but debt reduction and new taxes impacted payouts. Management ruled out extraordinary dividends until Brent prices rise.

Petrobras (PBR) has submitted an expression of interest for oil and gas exploration blocks in Ghana's Keta Basin. The Ghanaian Ministry of Energy approved the application, allowing Petrobras to negotiate exploration contracts. This move aligns with Petrobras' strategy to diversify its exploration portfolio and replenish reserves.

Petrobras (PBR) reported a 35.7% increase in sales revenues to $57.142B in 1H26, driven by higher crude oil and domestic market oil product revenues. Net income rose 55.3% to $16.627B, while net debt decreased 0.3% to $60.388B, reducing the Net Debt/LTM Adjusted EBITDA ratio by 19.7%.