Brazil's listed state-controlled oil company, the country's largest producer, with an exploration portfolio in the Equatorial Margin and pre-salt.
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Petrobras agreed to acquire the 70% of Logum, an ethanol and fuel pipeline operator, it does not yet own for R$ 620 million, taking it to 100%; the deal depends on conditions including Cade.
Updated November 13, 2026 · 41 verified articles
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Production, oil prices, fuel-pricing policy, dividends and regulatory and environmental decisions drive earnings and the shares' pricing.
Explanatory mechanism, not a forecast or recommendation.Petrobras agreed to acquire the 70% of Logum, an ethanol and fuel pipeline operator, it does not yet own for R$ 620 million, taking it to 100%; the deal depends on conditions including Cade.
Two creditor groups proposed to Braskem combinations of capital injection and debt-to-equity conversion of US$ 4 billion each; the board is due to review them on Nov 12, according to press sources.
At the 3Q26 press call, director Angélica Laureano said Petrobras is discussing a possible temporary change to its gasoline and diesel commercial strategy, but the current strategy remains in force and no structural pricing change is planned.
Petrobras posted net income of R$ 39.8 billion in the third quarter of 2026, up 21.5% in a year, approved R$ 15.3 billion in shareholder payouts and raised its 2026 production forecast, according to Agência Brasil, Exame and Money Times.
Fitch affirmed on November 4 Petrobras long-term ratings at BB with a stable outlook and lifted the state firm standalone credit profile from bbb to bbb+, according to Money Times and Investidor10.
Petrobras raised the jet fuel price charged to distributors by an average of 7.2%, up R$ 0.45 per liter, effective November 1, according to Agência Brasil, InfoMoney and Correio Braziliense.
Petrobras confirmed the third oil discovery at the Morpho well, block FZA-M-59, off Amapá in the Equatorial Margin, according to Seu Dinheiro, Correio Braziliense and Agência Senado; volume and commercial viability were not disclosed.
Petrobras produced 3.51 million barrels of oil equivalent per day in the third quarter of 2026, a record, up 5.3% from the second quarter and about 12% in a year, according to Exame and Bloomberg Línea.
Petrobras reached R$ 800 billion in market value for the first time on October 14, according to O Globo and Investidor10. In the same ranking, BTG Pactual overtook Vale to become B3's third most valuable company, according to Exame, InfoMoney and Investidor10.
Petrobras said it has received R$ 16 billion from federal fuel-price subsidy programs, according to reports by Reuters, Poder360, CNN Brasil and Investidor10 published on October 13 and 14.
Petrobras said in a material fact notice on October 13 that it will receive a net amount of about US$ 859 million from partners Shell, TotalEnergies and Petrogal under expense and volume equalization agreements for the shared Berbigão and Sururu fields in the Santos Basin. The amount should be settled by November 2026.
Petrobras announced on October 2 a second oil discovery at the Morpho well, in block FZA-M-59, in ultra-deep waters about 175 km off the coast of Amapá, on the Equatorial Margin. According to CEO Magda Chambriard, the well showed oil at two depths. The volume has not yet been proven, and the material is going to laboratory analysis, according to Agência Brasil.
Brazil oil production reached 4.615 million barrels per day in August, up 2.6% from July and a third consecutive monthly record, according to ANP data released on October 1. Including natural gas, total output was 6.002 million barrels of oil equivalent per day. According to ANP, the pre-salt accounted for 82.6% of the total, and oil output rose 18.4% from August 2025.
Petrobras raised the average price of jet fuel sold to distributors by 11.76% from October 1, from R$ 5.585 to R$ 6.242 per liter, according to Agência Brasil. Estadão, g1 and Reuters also reported the increase, which varies by delivery point between 11.6% and 12%. The adjustment follows higher oil prices, with Brent above US$ 100.
Federal prosecutors appealed to the Federal Regional Court of the 1st Region to suspend the environmental license and Petrobras drilling at block FZA-M-59, at the mouth of the Amazon, on the Equatorial Margin, according to CNN Brasil and Gazeta do Povo. The appeal challenges a federal court ruling in Amapá. Sources diverge on the nature and date of that ruling.
Petrobras signed a 22-year contract with Cheniere Marketing, a subsidiary of US-based Cheniere Energy, to buy 800,000 tonnes a year of liquefied natural gas, according to CNN Brasil and Bloomberg Línea on September 29. The company says the deal reduces exposure to the spot market and adds flexibility to meet gas portfolio obligations. Delivery start date and value were not disclosed.
Petrobras chief executive Magda Chambriard said on September 24 that there is no reason to talk about the state company injecting funds into Braskem and that nationalizing the petrochemical company is not within its scope. On the same day, a Petrobras director said the company believes there will be a consensus with Braskem creditors, as Braskem negotiates the restructuring of about US$ 11 billion in debt under an out-of-court reorganization. Creditors have been demanding a contribution from controlling shareholders Petrobras and IG4 as a condition for a deal.
Petrobras signed on September 22, with disclosure on the 23rd, a memorandum of understanding with Empresa Nacional de Hidrocarbonetos (ENH), Mozambique state company, for joint work in studies, evaluation, development and commercialization of oil and gas projects, plus exchange of data, technology and technical experience. The agreement is initially valid for two years, renewable, and does not specify research or production areas. Mozambique has large liquefied natural gas reserves explored by TotalEnergies, ExxonMobil, Eni and others, and the move expands Petrobras presence in Africa, where it already operates in Ivory Coast, Namibia, São Tomé and Príncipe and South Africa.
Petrobras said on September 21 that its studies found no direct socio-environmental impact on traditional communities and indigenous lands from drilling in the Foz do Amazonas, that the activity is exploratory and complies with environmental law. The response follows a federal prosecutors request to the courts for immediate suspension of the drilling license for block FZA-M-59, citing risks to fishing and to communities in 17 municipalities of Pará. Ibama had amended the Morpho well license in early September, authorizing new wells including Manga and Crotalus.
Yemen's Houthis said on September 19 they had attacked a Saudi Aramco facility in Yanbu, on the Red Sea, and targets in Riyadh with ballistic missiles, cruise missiles and drones; the capital's Civil Defense issued its first air alerts since the recent escalation and explosions were reported near the airport. Saudi Arabia suspended shipments at the port of Yanbu, the outlet of the East-West pipeline, which moves about 4 million barrels a day. Brent closed Friday at US$ 104.87.
Brent closed down 0.95% on September 17 at US$ 104.82 and was down a further 2.5% on the morning of September 18 at US$ 102.20, a third straight session of losses. Saudi Arabia began offering more cargoes to Asian refiners through ship to ship transfers in Oman and seeks to restore half the capacity of the East-West pipeline, which eased fears of shortages after the Houthi attacks.
Petrobras, through its subsidiary Petrobras Netherlands, signed on September 17 production sharing contracts for eight deepwater exploration blocks in Ivory Coast, with a 90% stake and operatorship; state company Petroci holds 10%. The area is part of the African equatorial margin, analogous to the Brazilian one, where the Baleine and Calao fields were discovered.
Petrobras will raise the average price of diesel sold to distributors by R$ 1 a litre from September 17, but joined the new federal subsidy of R$ 1 a litre, valid for 30 days, which fully offsets the increase. The selling price to distributors is unchanged and the state company receives the subsidy. Update: on September 18 the board formally approved adhesion to the MP 1,391 subsidy, and the company said it received R$ 448 million from the gasoline subsidy, with R$ 9.9 billion accumulated under the programs.
Petrobras shares rose on September 15, PETR4 3.09% to R$ 50.43 and PETR3 3.63% to R$ 56.23, with November Brent up 2.9% to US$ 108.75 and WTI up 4.38% to US$ 105.83 after the Saudi pipeline shutdown and the suspension of loadings at Yanbu; the company reported output of 2.92 million barrels a day in August, up 4% from July, with a 5% gain at Búzios and improvements at Itapu and Marlim, and Bradesco BBI projects more than 3 million barrels a day in 2028. Money Times and Seu Dinheiro calculate a record market value of R$ 692.35 billion, R$ 22 billion above the previous day; the Ibovespa closed up 0.54% at 186,502 points.
Oil opened the week up more than 3% on September 14, with Brent back above US$ 100 and quoted at US$ 107.80 in the Brasília morning, after drone attacks forced Saudi Arabia to shut its East-West pipeline, which carries about 4 million barrels a day to the Red Sea port of Yanbu, about 4% of global supply, with port stocks for five to seven days; the Oman meeting between Gulf countries and Iran on Hormuz routes, scheduled for September 14, was postponed, and a ship was hit in the strait. Iran intends to announce a temporary route through the strait under a deal with Oman, keeping control over which ships pass.
Petrobras said in a September 12 statement that it received R$ 2.57 billion from the Economic Subsidy Programme for diesel sales, R$ 643.8 million for sales from June 1 to 15 under Provisional Measure 1,358 and R$ 1.92 billion for sales from June 16 to 30 under Provisional Measure 1,363; with these instalments, the amount the company has received across the diesel, gasoline and LPG subsidy programmes reaches about R$ 9.5 billion, per InfoMoney and Reuters via Money Times.
November Brent fell 2.81% on September 11 to US$ 104.61 and WTI 2.3% to US$ 100.05, ending five and eight straight gains, after Iran signalled talks on safe Hormuz routes with Gulf countries in Oman on September 14; on the week both contracts rose between 8.65% and 9.37%. The IEA cut its 2026 forecasts to a 2.5 million barrel-a-day drop in consumption (from 1.6 million) and a 5.7 million drop in supply (from 4.3 million), to 100.7 million bpd, and said Saudi supply fell 2.3 million bpd in August to 6.0 million, the lowest in more than three decades, after Houthi and pro-Iran militia attacks on Jazan, Yanbu and Abqaiq.
On the night of September 9 Petrobras announced the end of a R$ 0.44-per-litre discount on gasoline A plus an extra R$ 0.19 increase, taking the price to distributors to R$ 3.24; in the early hours of September 10 it backtracked, limiting the increase to the end of the subsidy, at R$ 3.05, after the government widened the federal tax cut from R$ 0.44 to R$ 0.63 per litre. Itaú BBA and Bradesco BBI flagged a governance warning less than a month before the election.
With Brent above US$ 100, Lula signed on September 9 a decree cutting PIS/Pasep and Cofins on gasoline by R$ 0.63 a litre and zeroing hydrous ethanol rates, plus provisional measure 1,389 opening R$ 6.6 billion in extraordinary credit to subsidise diesel by R$ 1 a litre; the cost is R$ 7 billion a month. Petrobras dropped its R$ 0.44 discount and raised gasoline by R$ 0.19 from September 10, with no effect at the pump.
Brent settled on September 7 near US$ 97, with a high of US$ 98.06, the highest since June, and moved toward US$ 100 on September 8 after Houthis hit facilities in four Saudi cities and the US-Iran escalation curtailed traffic in Hormuz.
Seven OPEC+ countries, led by Saudi Arabia and Russia, decided at a virtual meeting on September 6 to keep October output at the levels planned for September, per CNN Brasil, O Globo, Poder360 and Money Times. Saudi Arabia stays at 10.478 million barrels a day and Russia at 9.949 million, per CNN Brasil; the group reaffirmed the Declaration of Cooperation and set the next monthly meeting for October 4.
Ibama authorized Petrobras to drill three more wells in block FZA-M-59 in the Foz do Amazonas basin on the Equatorial Margin, per CNN Brasil, Money Times and Poder360. Per CNN Brasil, the authorization came through an amendment of Operating License 1684/2025 and covers the contingent wells Manga, Crotalus and Morpho Extensão.
The Camex executive committee published in the September 3 Official Gazette a 60-day extension of the 12% export tax on crude oil, effective September 8, per Poder360 and CNN Brasil. The extension came after the TRF1 appeals court overturned on August 31 the injunction that had suspended the levy.
Brazil's oil production reached 4.498 million barrels a day in July, up 13.6% in a year and a new record, per consolidated ANP data released September 1 and reported by InfoMoney. Including natural gas, total output was 5.851 million barrels of oil equivalent a day; the pre-salt accounted for 82.4%, and Petrobras operated 87.27% of the total.
Petrobras raised the average price of jet fuel by 13.9% from September 1, attributing the rise to international quotations pressured by Middle East tensions, per InfoMoney, CNN Brasil, Valor and Agência Brasil. Per CNN, the increase is R$ 0.68 per liter and the cumulative rise since December reaches 53.3%.
Appeals judge Roberto Carvalho Veloso of the TRF1 lifted the injunction suspending the 12% oil export tax for Abep members, granting the AGU appeal, per Gazeta do Povo and Poder360. The levy is back in force — five days after the first-instance injunction that opened the clash with Camex.
The US struck an Iranian facility on Larak Island in the Strait of Hormuz on Sunday (30th), and US bases in Jordan, Kuwait and Bahrain reported retaliatory Iranian attacks — the first direct exchange of hostilities in about a month, per CNN Brasil and the Reuters dispatch carried by InfoMoney and Money Times. Oil rose more than 2% on Monday, with Brent back around US$ 90.
Venezuela's president confirmed the oil agreement with the United States announced by Trump, per Agência Brasil and Gazeta do Povo. The arrangement calls for investments on the order of US$ 100 billion and covers 65 billion barrels across 17 fields, with a production target of 1.5 million barrels a day. Trump had announced the initiative on August 28.
Brasília's 17th Federal Court granted an injunction on August 27 suspending the 12% oil export tax for Abep member companies. The same day, Gecex-Camex extended the levy for another 60 days starting September 8. The tax collected R$ 7.98 billion from January through July.
Braskem filed for out-of-court reorganization on August 24, at São Paulo's 2nd Bankruptcy and Reorganization Court, on the day its creditor-protection injunction expired. Per NeoFeed, the debt to be restructured is US$10.9 billion. InfoMoney recorded that B3 will remove BRKM3 and BRKM5 from 18 index portfolios, including the Ibovespa, from August 25.
Petrobras reported that the FPSO Alexandre de Gusmão reached its designed peak output of 180,000 barrels of oil per day. The unit is the fifth definitive platform at the Mero field, in the Santos Basin pre-salt, one of the company's main production growth drivers.
PetroReconcavo, Petrobras, Brava and Origem expanded natural gas processing contracts at the UTG Catu plant in Bahia, consolidating the unit as the outlet hub for Recôncavo onshore output. Per Money Times, the US$60 million Miranga project final investment decision was suspended with the deal.
Petrobras identified hydrocarbons in the Morpho well in the Foz do Amazonas and, in an August 17 press conference, CEO Magda Chambriard said the company found oil, with volume and commerciality still to be determined. Three additional wells in the block await Ibama licensing.