XLE & Oil

Petrobras Results Disappoint

Rigzone·Nov 11, 2026 · 8:50 AM CT
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Petrobras posted lower-than-expected third-quarter earnings despite record oil and gas output and high crude prices, as spending on offshore projects rose and an export tax on oil and diesel cost it $867 million. It raised its 2026 capital spending target to $24 billion-$25.5 billion, and its shares fell as much as 3.2% in São Paulo.

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