Pogliese Marcelo Weick sold $3K of PBR

Petrobras received $61.5B in financing from 39 banks between 2016-2026, with $10B in the last 2 years. Ten banks, including Santander and JPMorgan, provided 64% of the funds. The report warns of potential stranded assets and financial risks due to declining oil demand and regulatory challenges, with $33B in Petrobras debt maturing post-2030. WWF-Brazil highlights a R$ 47B opportunity cost for Brazil.

Crude oil rose 2% on 30 October 2026, hitting a six-month high after a tanker attack in the Strait of Hormuz. Petrobras gained 0.68% to $22.05, while Ecopetrol and YPF fell. The USO fund closed at $168.83, up 0.38%. Political and geopolitical factors influenced Latin American oil shares.

Petrobras discovered oil in its third interval at the Morpho well off Brazil's Amapá coast, with light crude quality. Brazil's oil production is up 17% year-over-year, with OPEC projecting 4.8 million bpd for 2026. Ibama approved three more wells, but the discovery's timing raises climate concerns ahead of COP30 in Belém.

Petrobras reported a 12% Y/Y increase in Q3 oil and gas production, reaching 3.51M boe/day, driven by new platforms and reduced maintenance shutdowns. The Mero and Buzios fields contributed significantly. Refined product sales rose 6.4% Q/Q, with refineries operating at 99% capacity.

Petrobras reported record oil and gas output of 3.512 million barrels of oil equivalent per day in Q3 2026, up 11.7% year-over-year. Brazilian oil and liquids rose 12.4% to 2.832 million barrels per day. The company attributes the increase to improved efficiency, new platforms, and fewer maintenance stoppages. Petrobras shares trade in the US as ADRs.

Petrobras (PBR) shares fell 14% after Brazil's election, as investors reassessed economic policies. CEO Magda Chambriard called the sell-off speculative, citing strong fundamentals. The company reported Q2 2026 net income of R$52.4 billion ($10.4 billion), up 97% YoY, and plans $109 billion in investments for 2026-2030. PBR trades at a P/E of 4.75X, a discount to peers, but faces political and earnings risks.