Petrobras Q2 earnings soar 120% on record oil production and higher prices

Petrobras reported a 120% increase in net earnings and a 60% rise in revenues for Q2, driven by record oil production of 3.34 million barrels per day and higher oil prices. The company's free cash flow reached nearly $8 billion, enabling significant debt reduction and a doubled dividend compared to last year. Production growth is expected to continue in the second half of the year, supported by low-cost pre-salt offshore assets. The upcoming Brazilian elections in October could further impact Petrobras' valuation and stock performance.