Petrobras tops R$700 billion market value after Amapá discovery
- Market value hit R$700.08 billion at the close of trading on 02/10/26, the first time above R$700 billion.
- Announcement of a new ultra‑deep‑water discovery in the Morpho exploratory well (block FZA‑M‑59), 175 km off Amapá, drove the move.
- Shares added R$20.9 billion that day with preferred up 2.81% and ordinary up 3.25%.
- Oil output rose from about 2.5 million b/d in Q1 to nearly 3 million b/d in September, and Jan–Sep value generation reached ~185% (US$), ahead of other majors.
Market value record
Petrobras reached a market value of R$700.08 billion at the close of trading on 02/10/26, the first time it surpassed the R$700 billion mark. The company added R$20.9 billion in market value on that day as shares rallied, with preferred shares up 2.81% and ordinary shares up 3.25%.
New discovery
The stock appreciation followed the announcement of a new oil discovery in ultra‑deep waters of the Foz do Amazonas Basin on the Brazilian Equatorial Margin. The find was the second discovery in the Morpho exploratory well, drilled in block FZA‑M‑59, located about 175 km off the coast of Amapá.
Production and historical context
Petrobras set market value records earlier in 2026 on March 30 (R$677.24 billion), April 14 (R$680.10 billion) and September 15 (R$692.35 billion). The company’s oil production rose from an average of 2.5 million barrels per day in the first quarter to nearly 3 million barrels per day in September, a trend management says the market has priced in alongside higher refinery utilization and reserve replenishment efforts.
Value generation versus majors
Between January and September 2026, the combination of market value increase plus proceeds (dividends and interest on equity) produced about 185% value generation (in US$) for Petrobras, a result the company reports as above peers such as Chevron (138%), ExxonMobil (138%), TotalEnergies (135%), Shell (133%) and BP (131%).
Source: Petrobras