By Jeffrey T. Lewis


SAO PAULO--Petroleo Brasileiro SA's preferred shares rose 4.5% Friday after the state-controlled oil company reported strong earnings results for the second quarter and a dividend payment.

The company's preferred shares rose to 33.74 reais, the equivalent of $6.50, and are up 14% from the end of 2021 through Thursday's close. The benchmark Ibovespa stocks index was up 0.1% Friday at the same time.

Petrobras, as the company is known, said Thursday after the close of trading that its profit increased to 54.3 billion reais, the equivalent of $10.5 billion, from 42.9 billion reais a year earlier, after the price of crude oil jumped in the period.

Earlier Thursday, the Rio de Janeiro-based oil producer said it would pay a dividend of 6.73 reais a share for both its preferred and ordinary shares. That will mean a record total of about 87 billion reais, XP Investimentos analyst Andre Vidal said in a research report.


Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com


(END) Dow Jones Newswires

07-29-22 1029ET