Petrobras - Petroleo Brasileiro S.A. (PBR) - NYSE
  • Fri, May 13, 1:09 AM
    • Petrobras - Petroleo Brasileiro S.A. (NYSE:PBR): Q1 EPS of -$0.02
    • Revenue of $17.99B (-30.7% Y/Y).
    • Press Release
    | Fri, May 13, 1:09 AM
  • Thu, May 12, 6:56 PM
    • Petrobras (NYSE:PBR) reports a Q1 loss of 1.25B reais ($347.5M) vs. a net profit of 5.3B reais in the year-ago quarter on revenues of 70.3B reais, down 5% Y/Y and below analyst estimates.
    • PBR's Q1 EBITDA slipped 2% Y/Y to 21.1B reais, which slightly exceeded expectations.
    • PBR says Q1 fuel imports fell 17% Y/Y to 287K bbl/day, while oil and natural gas production fell 7% to to 2.44M bbl/day because of increased planned maintenance at offshore facilities.
    • Now read Petrobras offloads $1.4B in assets amidst political turmoil
    | Thu, May 12, 6:56 PM | 12 Comments
  • Mon, Mar. 21, 7:05 PM
    • Petrobras (NYSE:PBR) -6.7% AH after reporting its worst-ever quarterly loss of 36.9B reais ($10.2B), as it wrote down 46.4B reais in the value of its assets because of the collapse in oil prices.
    • The Q4 loss was 39% bigger than a year earlier and far worse than analyst expectations; Q4 revenue totaled 85.1B reais, edging up 0.1% from Q4 2014, and adjusted EBITDA fell 15% Y/Y to 17.1B reais.
    • Most of the impairment charges came on assets in PBR's E&P division, but the company also wrote off 5.28B reais on its Comperj refinery that it had poured billions of dollars into in recent years before halting work on it.
    • PBR says its gross debt grew to 799.25B at year-end 2015, 10% more than a year earlier, even as it cut spending and spent the last six months of the year trying to sell off assets.
    | Mon, Mar. 21, 7:05 PM | 76 Comments
  • Nov. 12, 2015, 6:19 PM
    • Petrobras (NYSE:PBR) +1% AH after reporting a Q3 net loss of 3.76B reais ($997M) for the company's third loss in five quarters and widely missing market expectations for a ~800M reais loss, yet the result is an improvement from a 5.34B reais loss in the year-ago quarter.
    • PBR's Q3 net sales fell 6.9% Y/Y to 82.24B, hurt by the sharp fall in the Brazilian currency and sustained low oil prices, but operational results improved, as EBITDA jumped 82% to 15.51B reais from 8.49B reais, helped by higher fuel prices in Brazil.
    • PBR's Q3 financial expenses nearly tripled to 6.4B reais from 2.3B reais a year earlier, largely because of higher borrowing costs.
    • PBR also says it plans to invest $23B in 2015, less than the $25B expected previously; expects to end the year with $22B in cash on hand, down from $26B at the end of Q3.
    | Nov. 12, 2015, 6:19 PM | 16 Comments
  • Nov. 2, 2015, 8:17 AM
    • Diamond Offshore (NYSE:DO) +4.6% premarket on news that Petrobras (NYSE:PBR) terminated contracts for two of its drilling rigs ahead of schedule in return for extending the contract on another rig by 875 days.
    • While ending contracts on the Alliance and Clipper ahead of schedule, DO says it extended the contract on the Ocean Courage in Brazil at a $380K dayrate, representing revenue backlog of $333M, and will extend the contract into mid-2020.
    • DO also books a one-year contract on the Ocean Guardian in the U.K. North Sea at $220K/day, starting in March 2016.
    • The announcements were made as part of DO's Q3 earnings results, which beat expectations for EPS and revenues.
    | Nov. 2, 2015, 8:17 AM | 4 Comments
  • Aug. 7, 2015, 12:45 PM
    • Petrobras (PBR -5.1%) has spiraled downward since the open, now more than 5% lower after reporting a 90% Q/Q drop in net profit to 531M, far worse than expected, from 5.33B in Q1 and far below 4.96B earned a year ago.
    • PBR says it will seek all necessary authorizations from securities industry regulators for an IPO of its fuel distribution unit, but that whether the IPO goes ahead will depend on global and domestic market conditions.
    • In today's earnings conference call, the company said it cut its offshore subsalt field extraction costs to $8/bbl from $9.
    • In the latest scandal news, Brazilian prosecutors yesterday presented formal charges against the former head of the company's international division, saying Vantage Drilling (VTG +6.1%) was favored in a rig contract.
    | Aug. 7, 2015, 12:45 PM | 11 Comments
  • Aug. 6, 2015, 7:22 PM
    • Petrobras (NYSE:PBR) +0.6% AH after reporting Q2 net income of 531M reais ($150.2M), nearly 90% lower than a year ago and lower than analyst expectations, hurt by slumping oil prices and a tax settlement with the Brazilian government.
    • Q2 revenue totaled 79.9B reais, down 3% Y/Y but in line with estimates, and EBITDA rose 21.7% to 19.7B reais, better than the 19.2B reais analyst consensus.
    • PBR took a 1.6B reais charge reflecting back taxes and fines paid to settle a dispute with Brazilian authorities over a financial transactions tax on loans made to foreign subsidiaries in 2008.
    | Aug. 6, 2015, 7:22 PM | 22 Comments
  • May 15, 2015, 6:41 PM
    • Petrobras (NYSE:PBR) +3.3% AH after reporting a better than expected 50% jump in Q1 EBITDA to 21.5B reais ($7.2B) vs. 14.4B reais in the year-ago quarter and analyst consensus expectations for 17.5B reais.
    • Q1 net profit totaled 5.33B reais ($1.78B), down from 5.39B reais in the year-ago period, on revenue of 74.35B reais, down 9% Y/Y.
    • PBR's downstream division, which lost ~60B reais during 2011-14 due to government-mandated fuel subsidies, recorded a 6.18B reais profit in Q1 as reduced fuel subsidies helped overcome the plunge in crude oil prices.
    • PBR cut capex 13% to $17.8B reais in the quarter, focusing heavily on cutting costs in the downstream division, where capex fell 64%.
    • Total Q1 oil and gas production rose 11% Y/Y, averaging 2.8M boe/day; in April, PBR reached record monthly oil production in the pre-salt area of 715K bbl/day.
    | May 15, 2015, 6:41 PM | 51 Comments
  • May 6, 2015, 2:37 AM
    • Petrobras (NYSE:PBR) has confirmed plans to report its first-quarter earnings on May 15, at the end of a 45-day reporting window mandated by Brazilian securities regulator CVM.
    • Following months of delays, the company's audited third- and fourth-quarter earnings were reported on April 22, after it negotiated with auditor PwC over how to account for its vast corruption scandal.
    | May 6, 2015, 2:37 AM | 2 Comments
  • Apr. 23, 2015, 12:34 PM
    • Petrobras (PBR +3.6%) shares snap back from sharp opening losses, a day after reporting $17B in charges amid a FY 2014 loss of 21.6B reais ($7.2B), the company's largest-ever loss, in its long-delayed audited results.
    • CEO Aldemir Bendine calls the graft-related losses "recoverable," and expects PBR to begin to receive part of the money back next month.
    • "Considering [PricewaterhouseCoopers] signed off on these results, the market perception is that there are no more surprises ahead," says a partner at Sao Paolo investment firm Humaita in Sao Paulo.
    • Another Brazilian analyst says investors will begin to focus on "excessive leverage,” lower than expected production guidance, and weak oil prices that threaten PBR's investments and planned asset sales.
    • Even though PBR recently denied it is considering putting some of its prized deepwater pre-salt blocks for sale, analysts at Eurasia Group believe such a sale remains a possibility, and expects a ~25% reduction in PBR's investments plans this year.
    • PBR currently has no plans to increase capital or convert debt to equity, a company exec tells investors on a phone conference; the company also says it decided not to pay a dividend on 2014 in 2015 based on the loss but could resume payouts if it gets a positive result in 2015.
    | Apr. 23, 2015, 12:34 PM | 8 Comments
  • Apr. 14, 2015, 2:12 AM
    • Petrobras (NYSE:PBR) expects to release its long-delayed audited financial results for 2014 as early as next Wednesday, in the wake of a corruption scandal that has extended to the highest levels of Brazil's government.
    • The results, which have been delayed for more than five months, will help the state-controlled oil company avert a default on as much as $54B in bonds.
    • PBR shares have plunged more than 50% since the scandal gained traction in early October.
    | Apr. 14, 2015, 2:12 AM | 7 Comments
  • Feb. 13, 2015, 3:12 AM
    • In a new securities filing, Petrobras (NYSE:PBR) says it plans to publish its much-delayed audited results for 2014 by the end of May, as the company tries to fend off possible loan defaults.
    • Petrobras must provide its audited fourth-quarter results by the end of June or face default on more than $50B of bonds.
    • Previously: Report: Petrobras aims to release audited Q3 results by end of March (Feb. 11 2015)
    • PBR -1.2% AH
    | Feb. 13, 2015, 3:12 AM | 4 Comments
  • Feb. 11, 2015, 2:32 AM
    • In his first public statements since he was named Petrobras' (NYSE:PBR) CEO on Friday, Aldemir Bendine declared that he has full autonomy to dictate the company's fuel-pricing policy and protect cash, and said that no decision had been reached yet on a potential asset writedown.
    • In notes to the company's unaudited Q3 results last month, former CEO Maria das Gracas Foster said that an internal review found 88.6B reais of over-valued assets and 27.2B reais of undervalued assets.
    • If confirmed by auditors, that would lead to a 61.4B real writedown, an amount equal to more than half the company's current 120B real ($43.3B) market value.
    • Previously: Petrobras publishes unaudited Q3 results (Jan. 28 2015)
    | Feb. 11, 2015, 2:32 AM | 9 Comments
  • Jan. 28, 2015, 5:24 AM
    • After a more than two-month delay, Petrobras (NYSE:PBR) has released its non-audited Q3 results, although it failed to set a sum for potential write downs connected to its corruption scandal.
    • "The company understands that it will be necessary to make adjustments at the financial statements to correct the values of fixed assets," but it was "impractical" to estimate the value of the expected graft charges, Petrobras said.
    • The state-run oil company posted a Q3 2014 net profit of 3.09B reais ($1.18B), down from 3.39B reais in the same period of 2013.
    • PBR -3.4% premarket
    | Jan. 28, 2015, 5:24 AM | 7 Comments
  • Jan. 27, 2015, 2:01 AM
    • Petrobras (NYSE:PBR) may take a charge of about 52B reais ($20B) in its overdue third-quarter results to reduce the value of some assets, Reuters reports quoting a Veja magazine blog.
    • The impairment equals 42% of the market value of the company.
    • Petrobras has delayed the results since November due to a corruption scandal that has so far led to the arrest of 40 people.
    | Jan. 27, 2015, 2:01 AM | 23 Comments
Company Description
Petroleo Brasileiro SA engages in oil and gas exploration, production, and distribution activities. It operates through the following segments: Exploration and Production; Refining, Transportation, and Marketing; Distribution; Gas and Power; Biofuel; International; and Corporate. The Exploration... More
Industry: Oil & Gas Drilling & Exploration
Country: Brazil