Seeking Alpha

Petrobras notches seventh straight month of production gains

  • Petrobras' (NYSE:PBR) oil production rose again in August, marking the seventh month in a row the Brazilian company has seen an increase in the amount of oil it is pulling out of the Atlantic.
  • PBR produced ~540K bbl/day of oil with its partners Galp Energia (OTC:GLPEF) and BG Group (OTCPK:BRGXF, OTCQX:BRGYY) ; PBR President Maria das Gracas Foster says the company remains on target to achieve a 7.5% Y/Y rise in domestic oil production this year, and is on the verge of producing 2.1M bbl/day from pre-salt oil fields.
  • Shares reached another 52-week high earlier in the day but then fell nearly 2% in afternoon trading.
Comments (11)
  • bones2180
    , contributor
    Comments (65) | Send Message
     
    So what. Every oil producing country has seen an increase in production. That is not the issue, pricing is and it costs them more in production costs than they can sell it at on the open market.
    Oh I forgot, a new President may come in with no economic policy or background and raise the price they sell it at, good luck.
    3 Sep 2014, 08:51 PM Reply Like
  • VincentCh
    , contributor
    Comments (599) | Send Message
     
    Production is key for PBR
    Politics and price control are only a medium term difficulties.
    5 Sep 2014, 03:38 PM Reply Like
  • DougRk
    , contributor
    Comments (1616) | Send Message
     
    Worse than no eco background, the potential new president is more radically left than Rouseff.
    3 Sep 2014, 11:10 PM Reply Like
  • VincentCh
    , contributor
    Comments (599) | Send Message
     
    Marina has a strong eco background:
    eco like ecology.
    Strong trail in environmental defense.
    Former communist
    and even better: created worker union.
    Learnt to read at age of 16.
    Real self made women, very similar to PBR CEO

     

    Many people I talk to here near Sao Paulo will vote for her.

     

    But even with these credentials (for low, middle class voters), it is very difficult to do worse than Dilma when related to PBR
    5 Sep 2014, 03:37 PM Reply Like
  • DougRk
    , contributor
    Comments (1616) | Send Message
     
    @vincent, yes hard to do worse than Rouseff. But she would be, if only because her ideology dictates it. She'll look to cripple fossil fuel companies. Helping the poor takes a back seat to advancing the agenda.

     

    There was a time when leftists were "big public works" and big job creation supporters. Those days are gone, replaced by a leftism that favors returning society to a pre-industrial state.
    5 Sep 2014, 03:45 PM Reply Like
  • VincentCh
    , contributor
    Comments (599) | Send Message
     
    and some more info:
    - 10 siblings (7 survived),
    - 4 children
    - first job when she was 10 years old, to pay father's debt!
    - mother died when Marina was 15 years old, due to no medical infrastructure where they lived
    - evangelic
    - youngest federal senator ever in Brazil
    - after she learnt reading, she graduated in history, then psychoanalysis and finally psycho-pedagogy (so no finance or law, wonderful!)

     

    would vote for her, independently of any impact on my long PBR position.
    5 Sep 2014, 03:54 PM Reply Like
  • DougRk
    , contributor
    Comments (1616) | Send Message
     
    That's foolish @vincent to vote for her. The economy will nosedive in general. Forget your PBR investment, the strength of the country is at stake. Don't fall for the narrative of a candidate over their philosophy.
    5 Sep 2014, 05:51 PM Reply Like
  • VincentCh
    , contributor
    Comments (599) | Send Message
     
    Understand me.
    Both Dilma and Marina will support LT Brazil democracy.
    In a simple way way: strengthen the middle class by automatically increasing the minimum wage with inflation plus average of last 2 years GDP growth. (you see why Brazil has high inflation like 6.5% ?)
    But Marina has an added advantage.
    She will stop a sequence of 3 presidential terms from the same political party.
    Alternance is key for democracy (as far as alternance is real, so not the case in the US)
    On economic (meaning market friendliness) ground, I have no hope from Marina
    But as already said. Who can be worst for PBR than Dilma?
    19 Sep 2014, 09:12 PM Reply Like
  • DougRk
    , contributor
    Comments (1616) | Send Message
     
    @vincent, it's a tough choice, agreed. Yes Dilma has badly hurt PBR. It's just IMO Marina might be worse because her ideology is so powerfully against the concept of PBR as a company responsible to shareholders rather than "the people."
    19 Sep 2014, 10:34 PM Reply Like
  • Russom
    , contributor
    Comments (72) | Send Message
     
    Marina is just a short term way out of Labour Party (PT) dangerous (to democracy) dominance. Why her, because of lack of alternatives. Current government is moving towards aCuba/Venezuela/Equador type of government. We desperately need to regain control of institutions before is too late. Marina will need the support of center left and right parties to be able to put the country back in the right tract. By 2018 we will have better options for sure. The people that are running the country now are the same ones that tried to impose communism in the late sixties and failed, are now using democracy to do that for the last 12 years...time to leave and if Marina is that we have...so be it
    19 Sep 2014, 05:53 PM Reply Like
  • VincentCh
    , contributor
    Comments (599) | Send Message
     
    What a logorreha!
    19 Sep 2014, 09:03 PM Reply Like
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