PetroRecôncavo (RECV3) reported net profit of R$202.7 million for the second quarter of 2026, a 14.9% decline compared to the same period last year.
Despite the year-on-year contraction, the Brazilian oil producer announced a R$100 million capital return to shareholders through a JCP (Juros sobre Capital Próprio) distribution.
The results come as shares of Brazil’s major oil producers have faced significant selling pressure.
PetroRecôncavo and state-controlled Petrobras (PBR) were among the worst performers on the B3 exchange recently, as crude prices retreated following a pause in regional military attacks.
The retreat in Brent crude has weighed on sentiment across the sector, offsetting positive corporate developments.
The JCP announcement signals management’s confidence in cash flow generation despite the softer earnings print.