Petrobras reaches record value near BRL 700 billion

Petrobras reached the highest market valuation in its history on Tuesday, 15 September. The state-run oil producer touched a market capitalization of BRL 692.35 billion during the session, leading gains on the Ibovespa index. Voting shares (PETR3) jumped 3.63% to BRL 56.23, while preferred shares (PETR4) advanced 3.09% to BRL 50.43.

The rally followed a surge in Brent crude oil futures for November delivery, which rose 2.90% to 108.75 dollars per barrel on ICE in London. Global energy prices climbed after Saudi Arabia closed an oil pipeline and suspended loadings at the Yanbu port amid ongoing tensions in the Middle East.

Domestic operating data also supported the company. Preliminary figures from the National Agency of Petroleum, Natural Gas and Biofuels (ANP) showed that Petrobras produced 2.92 million barrels of oil per day in August, a 4% increase from July. The gain was led by a 5% rise in output at the Búzios field, alongside operational recovery at the Itapu and Marlim fields. This pace puts the company on track to beat market estimates for 2027, which sit at 2.77 million barrels per day.

Analyst Vicente Falanga of Bradesco BBI described the preliminary production figures as positive. He noted that the data reinforce expectations of continuing output growth, adding that Petrobras remains a top pick for BBI due to solid operational execution and long-term expansion potential.