Petroleo Brasileiro SA Petrobras ADR

PBR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Petrobras Earnings: Sustained Capital Investment Boosts Production but Weighs on Payouts

Allen Good , Andrea Burigana

Mar 6, 2026

Petrobras’ fourth-quarter results were weaker sequentially, as strong downstream performance was more than offset by a 13% decline in E&P-adjusted EBITDA. Operational cash generation improved amid favorable working capital dynamics, but higher cash capital expenditure led to a 33% cut in the payout.

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Petroleo Brasileiro SA Petrobras ADR

Petrobras Earnings: Sustained Capital Investment Boosts Production but Weighs on Payouts

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