On September 3, Petroleo Brasileiro SA Petrobras rose 3.05% in regular trading, trading at $20.95 per share, with turnover of $304 million, extending its recent rebound momentum.

The rally continues to be fueled by the company's outstanding first-half earnings report. H1 net income attributable to shareholders reached $166.27 billion, surging 55.3% year-over-year, while total revenue came in at $571.4 billion, up 35.7%. Q2 EPS of $1.62 beat the consensus estimate of $1.36 by 19.12%. On the operational front, Q2 oil production exceeded targets by 200,000 barrels per day, with June output hitting a record high. The CEO stated that oil production is highly likely to surpass current expectations, supported by a reduction in mature field decline rates from 12% to 4%.

Additionally, Brent crude prices climbed back above $90 per barrel amid escalating US-Iran tensions, providing further tailwinds for oil equities. The company has also been proactively managing its balance sheet, having early redeemed approximately $1 billion in bonds.

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