(MENAFN- The Rio Times) Petrobras just delivered a quiet win in a noisy year. The state-controlled oil producer posted third-quarter net income of $6.03 billion, up 2.7% from a year earlier, even though Brent crude averaged only $69 per barrel.

In plain terms: prices fell, but operations and exports did the heavy lifting.

Under the hood, adjusted EBITDA reached $11.73 billion and sales were $23.4 billion. Free cash flow slipped to $4.9 billion as the company spent more on new projects and paid down leases, while net debt rose to $59.0 billion.

Lifting costs increased to $6.30 per barrel of oil equivalent-still competitive by global standards thanks to the efficiency of Brazil's deep-water“pre-salt” fields.

Shareholders will receive interim dividends of R$12.16 billion ($2.25 billion), or R$0.94 ($0.17) per share, split into two payments of R$0.47 ($0.09) on February 20 and March 20, 2026.

Shares trade ex-rights on December 23, 2025, with record dates of December 22 (B3) and December 26 (ADRs).

For overseas investors and expats with pension or ETF exposure, those dates and amounts are the take-home details.


Petrobras Defies Lower Oil Prices With Profit Beat And Fresh Dividends
The story behind the story is Brazil's recurring tug-of-war over how to run big state-linked companies.

Petrobras has lived through cycles of political meddling: urged to spend more at home, hold down fuel prices, or expand beyond its cash flow.

This quarter points the other way. Management is planning with lower oil-price assumptions and staying focused on projects that pay for themselves.

The result is a company that can fund investment, service obligations, and still return cash-without reaching for subsidies or grand gestures.

There are real watch-items. Free cash flow must recover to match higher investment; debt should stabilize; and costs need to stay contained.

A new strategic plan later this year will show whether capital remains targeted at profitable barrels rather than politically fashionable ones.

For readers outside Brazil, the signal is simple. Petrobras looks more like a disciplined exporter than a policy tool.

When the company's decisions are guided by market math-what earns a return, what strengthens the balance sheet-payouts are clearer, risks are easier to price, and the broader investment case for Brazil becomes easier to understand.

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