Rio de Janeiro, Jan 15, 2026, 12:45 BRT — Regular session
Petrobras’ shares listed in the U.S. slipped Thursday, despite the Brazilian oil giant highlighting new operational progress at its key offshore fields.
Petróleo Brasileiro S.A. – Petrobras is heavily dependent on volume. Production from the pre-salt—deepwater reserves buried beneath a thick salt layer—has powered earnings and dividends lately, and traders react swiftly to any sign that this growth is slowing.
Petrobras is also pressing forward with another venture: fertilizers. The timeline for reviving its urea and ammonia plants in Brazil’s northeast has turned into a subtle yet telling sign of how far the company’s leadership is willing to extend beyond its core oil and gas operations.
Energy stocks pulled back as crude prices dropped from recent highs. Brent crude fell roughly 3.3% to $64.34 a barrel, according to Reuters data. In U.S. trading, Exxon slipped about 0.8%, Chevron declined near 0.8%, and TotalEnergies was down around 1.4%. (Reuters)
Petrobras’ ADRs (PBR) slipped roughly 1.1%, closing at $12.52.
CEO Magda Chambriard told Reuters this week that Petrobras has hit a production rate of one million barrels per day (bpd) at the offshore Tupi field since Friday, describing it as “the rescue of a symbol for Brazil.” She also noted Petrobras now operates two giant fields, Tupi and Buzios, each with the potential to exceed 1 million bpd. In 2025, the company connected 11 wells to production vessels at Tupi and is evaluating the addition of a floating production vessel there by 2031. (Baird Maritime / Work Boat World)
Petrobras is gearing up to restart fertilizer production after years offline. The company said the FAFEN-SE plant in Sergipe resumed ammonia output on Dec. 31, followed by urea production on Jan. 3. Meanwhile, urea production at the FAFEN-BA plant in Bahia is set to resume by month’s end. Together, these two plants cover about 12% of Brazil’s urea demand, Petrobras said. (S&P Global)
Petrobras announced in a separate filing that its 2026 annual general meeting will take place on April 16. Details on the time, location, and format will be provided at a later date. (Streetinsider)
The company’s corporate calendar indicates that investors will receive the next solid update on cash flow and shareholder returns when Petrobras releases its full annual financial statements for 2025 on March 5. An investor and analyst call is scheduled for March 6 to discuss the results.
The road ahead isn’t smooth. Petrobras is still vulnerable to oil price volatility, and geopolitical shifts can easily overshadow any company gains. In Brazil, environmental and regulatory hurdles add to the challenge, notably in the Foz do Amazonas basin, where the oil regulator has paused drilling after a synthetic-fluid spill. (Reuters)
Traders are focused on whether Petrobras can keep up the 1 million bpd output at Tupi and meet the end-January deadline for Bahia’s fertilizer restart. The bigger milestone arrives March 5, when Petrobras releases its annual results and management fields questions on dividends, spending, and production goals.
