New York, Jan 14, 2026, 12:13 EST — Regular session
Petróleo Brasileiro S.A. – Petrobras’ U.S.-listed shares (PBR) rose about 3.4% on Wednesday, trading near $12.72 after Chief Executive Magda Chambriard said the company has been producing about 1 million barrels per day (bpd) at its offshore Tupi field since Friday. “It is the rescue of a symbol for Brazil,” she told Reuters. (Baird Maritime / Work Boat World)
The update matters because Petrobras investors watch production almost as closely as oil prices: a steadier run-rate at a mature, high-volume field can swing expectations for cash generation and, by extension, dividends.
It also lands in a tight window ahead of year-end reporting season, when the market tends to get less patient about “later” projects and more focused on what barrels — and costs — look like right now.
In São Paulo, Petrobras’ preferred shares (PETR4.SA) rose 2.7% on Tuesday, outpacing a 0.7% drop in the benchmark Bovespa index, according to Investing.com.
In a separate statement, Petrobras said the Tupi/Iracema field in the pre-salt Santos Basin — the deep-water layer beneath thick salt deposits — hit 1 million bpd on Jan. 9, matching a level last reached in 2019. It said it tied in 11 wells in 2025 and now has more than 150 wells drilled, while studying more wells and a new floating production unit from 2031, subject to approvals by partners and Brazil’s oil regulator ANP. Petrobras executive Sylvia Anjos called the pre-salt “one of the most competitive oil frontiers,” and the company said the pre-salt accounts for about 80% of its output; Tupi/Iracema is operated with partners Shell and Petrogal Brasil, alongside PPSA. (Agência)
Petrobras also said it has brought back two nitrogen fertilizer plants in Brazil’s northeast, with initial investments of 76 million reais. The Sergipe unit has been producing ammonia since Dec. 31 and began making urea on Jan. 3 with capacity of 1,800 tonnes a day, while the Bahia plant is in start-up commissioning and expected to begin urea output by the end of January with capacity of 1,300 tonnes a day, it said. Director William França said the two sites, plus Petrobras’ ANSA unit in Paraná, could cover about 20% of Brazil’s urea demand; the plants will also produce ARLA 32, a urea-based diesel exhaust fluid used to cut emissions. (Agência)
Oil prices provided a supportive backdrop on Wednesday. Brent futures were up about 1.2% at $66.23 a barrel and U.S. crude was up 1.1% at $61.83 at 1411 GMT, Reuters reported, with traders pointing to geopolitical risk around Iran. “We are in a period of geopolitical instability and potential supply disruption,” said Jorge Montepeque, managing director at Onyx Capital Group; Citi analysts said they raised their three-month Brent outlook to $70 a barrel. (Reuters)
But keeping Tupi at 1 million bpd is not a victory lap. Petrobras is still talking about more wells and new equipment, and it has already flagged that key steps depend on approvals — while crude prices can turn quickly.
The next hard marker is Petrobras’ annual results: the company is scheduled to publish its full-year 2025 financial statements on March 5 and hold a webcast with investors the next day, its corporate events calendar shows.
