Petrobras reaches record market value of $148 billion in Brazil — The Rio Times

In Brazil, state-controlled oil company Petrobras reached a record market value of 800 billion reais, or about $148 billion, on October 14, 2026. The Rio Times reports, citing company data.

Record capitalization and production

In the third quarter of 2026, Petrobras’ own oil and gas production reached a record 3.512 million barrels of oil equivalent per day. This was 11.7% higher than in the same period a year earlier and 5.3% higher than in the second quarter.

For the second quarter, the company reported a profit of 52.4 billion reais, or about $9.7 billion, up 97% from a year earlier. Adjusted EBITDA totaled 93.8 billion reais, while gross debt stood at $70.8 billion, below the $75 billion ceiling set in the 2026–2030 business plan.

Petrobras also approved the payment of 17.4 billion reais in dividends and interest on equity for the period. As of October 14, the company’s preferred shares had risen by about 100% in 2026, while its common shares had gained about 110%.

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State control and the Morpho well

Brazil’s federal government owns 29.02% of Petrobras’ total share capital and 50.26% of its voting common shares. Foreign investors hold 48.73% of the company’s capital, including 21.59% through American depositary receipts.

On October 29, Petrobras reported a third oil discovery at the Morpho well in the FZA-M-59 block off the coast of Amapá state. The well is located in waters 2,886 meters deep on Brazil’s Equatorial Margin.

According to the publication, after the presidential election in which Luiz Inácio Lula da Silva won a new term, no official decisions on changing the heads of Petrobras, Banco do Brasil, or Caixa Econômica Federal had been announced as of November 1.