Why These Energy Stocks are Gaining This Week

7. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR)

Share Price Gains Between Oct 31 – Nov 7: 10.48%

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the largest oil and gas producers in the world. The Brazilian company is mainly dedicated to exploration and production, refining, energy generation, and marketing.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) reported strong results for its third quarter on November 7, with the company posting a net profit of $6.05 billion, up by 2.7% YoY and 27.3% QoQ, despite the decline in oil prices. The Brazilian oil giant’s higher production and start-ups of new fields helped it cushion the impact of the slump in global crude prices. The high output also allowed it to achieve a record-high level of oil exports during the quarter.

Moreover, Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) reiterated its commitment to shareholders by approving the payment of $2.27 billion of interim dividends for Q3, slightly above expectations and far surpassing the $1.6 billion it paid for the second quarter.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) has no intention of slowing down, and the company announced last week that it is accelerating production from the Buzios field – the largest deep-water field in the world – helping it raise its payouts even further.