On September 10, Petroleo Brasileiro SA Petrobras rose 3.01% in regular trading, trading at $21.57/share, with turnover of $220 million.

On the news front, the company announced the cancellation of a 0.44 reais per liter discount on Type-A gasoline and raised oil product prices to distributors by 0.19 reais per liter, a move expected to bolster upstream profit margins. Additionally, a Brazilian tax appeals court recently overturned a roughly 3.4 billion reais fine previously imposed on the company, directly eliminating a significant contingent liability and providing a material positive impact on cash flow and earnings expectations.

On the fundamentals side, the company reported first-half net income attributable to shareholders of $16.627 billion, up 55.3% year-over-year, on total revenue of $57.14 billion, a 35.7% increase. Second-quarter EPS came in at $1.62, beating the analyst consensus estimate of $1.36 by approximately 19%. Management noted that Q2 oil production exceeded targets by 200,000 barrels per day and that mature field annual decline rates have been reduced from 12% to 4%. Within the Integrated Oil & Gas sector, Shell rose 0.39% and BP rose 0.33%, while Exxon Mobil fell 0.18%.

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