Petrobras - Petroleo Brasileiro S.A.NYSE
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  • Mon, Dec. 5, 6:18 PM
    • Petrobras (NYSE:PBR) says it will raise prices at its refineries by 9.5% for diesel fuel and 8.1% for gasoline, beginning tomorrow, citing a spike in oil prices in recent days and a depreciation in Brazil’s currency.
    • Under its relatively new management team, PBR is reviewing fuel prices at least once every 30 days; the latest increase will largely reverse the sizable price reductions announced on Nov. 8, which raised concerns among some investors and may have contributed to a selloff in its shares.
    | Mon, Dec. 5, 6:18 PM
  • Mon, Dec. 5, 3:57 PM
    • A Brazilian federal court issues an injunction to block the sale of Petrobras's (PBR -2.1%) fuels distribution unit, granting a request by an oil workers union that argued the company should hold a public tender to sell the stake in the subsidiary instead of the current private negotiation.
    • PBR wants to sell a stake in BR Distribuidora, Brazil's largest fuel distribution company, as part of a divestment program that aims to raise cash to reduce its large debt load.
    | Mon, Dec. 5, 3:57 PM | 2 Comments
  • Mon, Dec. 5, 3:18 PM
    • Braskem (BAK +6.3%) gains as much as 10% following Friday's 13% surge on news of an international legal settlement in Brazil’s Car Wash corruption investigation.
    • Latin America's largest petrochemical firm said Friday it was in advanced talks with authorities in Brazil and the U.S. for a leniency agreement related to the scandal, after BAK's parent Odebrecht signed a $2B leniency deal with prosecutors to settle its own liabilities in the corruption probe.
    • An agreement could help allow Odebrecht and Petrobras (PBR -1.3%) to sell their stakes in BAK, as it could eliminate liabilities related to the probe, making it easier to attract a bidder.
    | Mon, Dec. 5, 3:18 PM
  • Mon, Dec. 5, 3:35 AM
    • In a highly anticipated opening to foreign oil companies, Mexico will hold its first auction of deepwater oil and gas blocks today.
    • The waters are believed to hold important energy reserves, but Mexico's longtime national oil company Pemex, does not have the capital or expertise to develop them.
    • Investors are closely watching the results as a measure of the energy overhaul's success as well as potential bidders BP, Chevron (NYSE:CVX), Petrobras (NYSE:PBR) and Statoil (NYSE:STO).
    | Mon, Dec. 5, 3:35 AM | 4 Comments
  • Thu, Dec. 1, 3:44 PM
    • Prosecutors pursing corruption at Petrobas (PBR -2.9%) have threatened to resign over a bill being fast-tracked through Congress which would allow prosecutors and judges to be the focus of charges.
    • Source: FT
    • The new law, say some (prosecutors and judges) will have the effect of curbing investigations. Analysts say the bill is an attempt by lawmakers to stop the Petrobras probe from spreading to them.
    • President Michel Temer has not yet committed as to whether he would sign the bill.
    • The Bovespa is lower by 3.9%. EWZ -5.9%, VALE -2.9%, ITUB -6.2%, BSBR -10%
    | Thu, Dec. 1, 3:44 PM | 12 Comments
  • Wed, Nov. 30, 9:50 AM
    | Wed, Nov. 30, 9:50 AM | 29 Comments
  • Tue, Nov. 29, 10:20 AM
    | Tue, Nov. 29, 10:20 AM | 50 Comments
  • Tue, Nov. 29, 9:15 AM
    • Petrobras (NYSE:PBR) says it used half the proceeds from the sale of a Brazilian offshore oil field for early repayment of a loan taken from state development bank BNDES, its latest step toward reducing the world's largest debt burden among global oil groups.
    • Separately, CEO Pedro Parente told a conference hosted by Brazil's sugar cane industry that the growing deficit between demand and the company's gasoline refining capacity creates an opportunity for local ethanol mills.
    | Tue, Nov. 29, 9:15 AM | 3 Comments
  • Wed, Nov. 23, 6:15 PM
    • Petrobras (NYSE:PBR) says its board has approved agreements to settle 11 investor lawsuits related to the Car Wash corruption scandal under investigation since 2014.
    • Among the shareholders with whom PBR settled are Aberdeen Emerging Markets Fund, State of Alaska Department of Revenue, Ohio Public Employees Retirement System and Abbey Life Assurance Company.
    • A class action suit claiming tens of billions of dollars of shareholder losses remains unresolved, and PBR says it cannot make a reliable estimate of its outcome.
    | Wed, Nov. 23, 6:15 PM | 7 Comments
  • Tue, Nov. 22, 8:54 AM
    • Petrobras (NYSE:PBR) is seeking to modify the terms of a profit-sharing pact with workers, as disputes between the state-controlled company and unions escalate, Reuters reports, citing the Valor Econômico newspaper.
    • Unions leaders reportedly said the proposal could include barring a current rule that would guarantee a one-time bonus for workers even if the company posts an annual loss; a work stoppage may take place Nov. 30 to protest a potential revision of the profit-sharing agreement, according to the report.
    • Unions are challenging CEO Pedro Parente attempts to limit pay raises and sell assets, and recently won an injunction to halt the sale of two oil fields to Australia's Karoon Gas.
    | Tue, Nov. 22, 8:54 AM | 1 Comment
  • Mon, Nov. 21, 11:58 AM
    • Brazilian prosecutors in the Operation Car Wash corruption probe say Petrobras (PBR +4.3%) will receive another 204M reais ($60.4M) retrieved from politicians and companies who agreed to cooperation in the investigation.
    • The payment is the result of plea deals struck by prosecutors with politicians, and is in addition to more than 500M reais (~$150M) in compensation PBR already has received.
    • Separately, PBR says an injunction in a civil lawsuit has forced it to suspend the sale of stakes in the Baúna and Tartaruga Verde oil fields to Australia's Karoon Gas; it says it plans to appeal the decisions.
    | Mon, Nov. 21, 11:58 AM
  • Thu, Nov. 17, 6:56 PM
    • Petrobras (PBR, PBR.A) approves the sale of its liquefied petroleum gas unit to Ultrapar Participações (NYSE:UGP) for 2.8B reais ($819M), confirming earlier reports.
    • The market considered the price tag on the high side; PBR preferred shares, the company's most widely traded class of stock, closed 3.2% lower after gaining as much as 3% during regular trading.
    • Analysts at Banco BTG Pactual and Banco Brasil Plural say the deal will be subject to tough scrutiny by Brazil's government antitrust agency CADE.
    | Thu, Nov. 17, 6:56 PM | 1 Comment
  • Thu, Nov. 17, 2:19 PM
    • Petrobras (PBR -1.7%) is close to announcing a sale of its liquefied petroleum gas distribution unit to Ultrapar Participações (UGP -0.9%) in a deal expected to fetch ~2.8B reais ($822M), Reuters reports.
    • Analysts say the high price tag for Liquigás Distribuidora, estimated more than 10x operational earnings, is explained by UPG's need to add Liquigás to further gain scale that could translate gradually into strong margin expansion.
    • The Liquigás deal is part of an asset sale program designed to cut PBR's massive $130B of debt, the highest in the global oil industry.
    | Thu, Nov. 17, 2:19 PM
  • Tue, Nov. 15, 3:59 PM
    • California Resources (CRC +19.9%) surges nearly 20% for its biggest intraday jump since August after the George Soros bought a new stake in the oil explorer.
    • Soros also bought more than 3M shares in pipeline owner Williams Cos. (WMB +2.7%), and took smaller positions in Petrobras (PBR +4.5%) and Rice Energy (RICE +4.1%), while selling his position in the SPDR Gold ETF (GLD +0.8%).
    • Today's crude oil rally also is having an outsized effect on CRC, whose $32.50-$33.50/boe production costs make it very much a marginal-cost/bbl supplier of oil; a $1/bbl change in the Brent price equates to a $2.5M increase in net income, according to the company's own price sensitivities index.
    | Tue, Nov. 15, 3:59 PM | 33 Comments
  • Mon, Nov. 14, 11:49 AM
    • Petrobras (PBR -5.5%) is off sharply in early trading after posting a 2% Y/Y decline in October oil production; shares have now dropped 19% over the past three days since reporting a huge Q3 loss and as Trump's election hammers emerging markets.
    • PBR says October oil and natural gas production totaled 2.81M boe/day, with average oil production in Brazil at 2.19M bbl/day (bpd), a 2% drop since September, when the company reported a production record; PBR says it is moving toward an annual oil production target of 2.145M bbl/day in Brazil.
    • Separately, at least one analyst thinks the stock's recent meltdown creates a buying opportunity, as Dogma Capital portfolio manager Danila Onorino notes PBR's $16B reduction in its debt since mid-2014; if PBR succeeds in trimming the fat on its balance sheet, it would look more like other state-controlled oil companies such as Russia’s Gazprom and Rosneft, which enjoy lower borrowing costs, Onorino says.
    | Mon, Nov. 14, 11:49 AM | 2 Comments
  • Fri, Nov. 11, 9:59 AM
    • Petrobras (PBR -4.2%) opens sharply lower following release of Q3 results that saw growing losses and declining revenues as well as a drastic reduction in the value of its oil fields, petrochemical and logistics assets; shares are now down ~12.5% in the three days since the U.S. election.
    • CFO Ivan Monteiro says PBR remains committed to meeting a $15.1B two-year goal for asset sales by the end of this year, even if only 65% of it has been completed so far.
    • Meanwhile, new legislation passed in a late-night session by Brazil's congress will allow the company to begin selling off some of its huge pre-salt oil fields to raise cash; Brazil Pres. Temer still must sign the bill once a technical analysis of its contents has been completed.
    | Fri, Nov. 11, 9:59 AM | 9 Comments