Brazil's Petrobras Exceeds Profit Expectations, Announces $3 Billion Payout

Brazilian state-run oil company Petrobras reported a 36% drop in second-quarter profits due to falling crude prices, but still exceeded analyst expectations. The company blamed the decline on lower international oil prices, a decrease in diesel crack spreads, and higher operating expenses. Petrobras also announced a $3.03 billion payout to shareholders, the first under a new shareholder remuneration policy. The company had previously warned of a possible dip in sales volume and reported slightly lower crude output for the quarter. Overall revenue was down by a third from the previous year.