Petrobras Delivers Strong Q3, Announces Dividend, but Political Risk Is an Overhang on Shares

Petrobras reported adjusted reoccurring EBITDA of BRL 92.3 billion compared with BRL 63.9 the year prior. Higher oil prices were the primary factor lifting exploration and production’s adjusted EBITDA to BRL 73.2 billion from BRL 54.5 billion a year ago. Total production volumes fell to 2,644 mboe/d from 2,830 mboe/d a year earlier on reduced working interest in the Atapu and Sepia fields and the decommissioning of the FPSO Capixaba facility.