What's Going On With Brazilian Oil & Gas Company Petrobras Shares On Tuesday?

Petrobras PBR reported a Total Utilization Factor (FUT) of 96.8% for its refineries in September, the highest monthly figure in 2024, bringing the third-quarter average to 95.2%.

The quarter also saw record pre-salt oil processing, accounting for 73% of the total load, and gasoline production reaching 6.38 million m3.

Asphalt production was notable as well, with 803,000 tons produced in the quarter, including records at the Reduc (32,000 tons) and Repar (51,000 tons) refineries.

These achievements are attributed to modernization projects, asset reliability, process optimization, and the use of innovative technologies.

Last week, Petrobras confirmed that its Sirius-1 and Sirius-2 gas discoveries in Colombia’s Guajira Offshore Basin hold around 6 trillion cubic feet (Tcf) of gas in place.

Apart from this, Petrobras’ Board of Directors approved its participation in South Africa’s Deep Western Orange Basin (DWOB) block, securing a 10% stake through a process led by TotalEnergies.

Investors can gain exposure to the stock via Global X Funds Global X Brazil Active ETF BRAZ and Shares Latin America 40 ETF ILF.

Price Action: PBR shares are down 0.85% at $15.20 premarket at the last check Tuesday.

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