Petrobras - Petroleo Brasileiro S.A. (PBR) - NYSE
  • Thu, Mar. 24, 8:12 AM
    • Deutsche Bank cuts Petrobras (NYSE:PBR) to Sell vs. Hold.
    • Price target of 5.1 reais vs. 7.3 prior. Implied downside 34%.
    • Firm expects no significant changes to capex and production outlook or leverage metrics.
    • Sees no upside for equity based on net debt/Ebitda ratio and likely negative net income both this year and next.
    • Now read  A Petrobras Bailout Seems Highly Unlikely »
    | Thu, Mar. 24, 8:12 AM | 20 Comments
  • Wed, Mar. 23, 6:56 PM
    • Shares in Brazil tumbled today after construction giant Odebrecht agreed to cooperate with corruption investigators in exchange for leniency.
    • As reported by Barron's Dimitra DeFotis, Eurasia Group says the plea agreement from Odebrecht is an important signpost in potentially incriminating Pres. Rousseff, and now expects impeachment by late April or early May.
    • The Economist doubts Rousseff can survive past next month, remarking that by naming Lula da Silva as her new chief of staff, she “put the interest of her political tribe above the rule of law."
    • In today's U.S. trade: PBR -7.1%, PBR -5.8%, VALE -9.4%, BBD -5.9%, ITUB -5.7%, BSBR -2.5%, EBR -5.7%, CPL -5.1%, CIG -4.9%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Wed, Mar. 23, 6:56 PM | 48 Comments
  • Tue, Mar. 22, 5:26 PM
    • Petrobras (NYSE:PBR) and its partners at the giant Libra pre-salt field off Brazil said today they had struck the largest oil column found so far at the play.
    • PBR said a 301-meter-thick oil column was found at a well in the Santos basin, with good quality oil unearthed “in reservoirs of excellent productivity."
    • PBR operates Libra and owns a 40% stake, and is joined by Shell (RDS.A, RDS.B) and Total (NYSE:TOT) with 20% each, while China National Petroleum (NYSE:PTR) and Cnooc (NYSE:CEO) each hold 10%.
    | Tue, Mar. 22, 5:26 PM | 28 Comments
  • Tue, Mar. 22, 11:15 AM
    • Petrobras (PBR +1.8%) shoots into the green despite posting dismal Q4 results, as the company says it can at least produce the cash needed to meet debt obligations through 2017.
    • "Even if we hit a road-bump, we have sufficient cash through 2017,” CEO Almir Bendine tells Reuters. “This doesn’t mean if we have good opportunities to raise cash or lengthen maturities we won’t do it.”
    • Dimitra DeFotis of Barron's also thinks investors may be recalling a recent story discussing a Chinese loan of up to $10B that could pay nearly all of PBR's $12B in maturing obligations in 2016.
    • Morgan Stanley upgrades shares to Equal Weight from Underweight with a $5.60 price target, raised from $2, citing improving investor sentiment on oil markets even though PBR's fundamentals have not yet improved and its balance sheet continues to pose a risk.
    • Stanley raises its EPS estimates for 2016, 2017 and 2018 to a respective $0.81, $1.03 and $0.95 from $0.58, $0.56 and $0.77, reflecting a strengthening Brazilian real and "another year of refining gains with sustained gasoline/diesel premium in 2017."
    | Tue, Mar. 22, 11:15 AM
  • Tue, Mar. 22, 7:52 AM
    • Brazilian federal police are seeking to arrest 15 people allegedly involved a bribe-payment scheme led by the Odebrecht engineering and construction conglomerate, as part of the Petrobras (NYSE:PBR) corruption probe.
    • Federal prosecutors have accused Odebrecht of paying bribes to win multibillion-dollar contracts with PBR in a scheme that also funneled money to finance political campaigns of ruling and opposition parties.
    • PBR -4.6% premarket after reporting its largest-ever quarterly loss.
    | Tue, Mar. 22, 7:52 AM | 11 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
  • Mon, Mar. 21, 5:40 PM
    | Mon, Mar. 21, 5:40 PM
  • Mon, Mar. 21, 12:24 PM
    • Petrobras (PBR +0.1%) is investigating practices in its human resources department that may have left the company vulnerable to billions of reais in liabilities, local newspaper Valor Economico reports.
    • PBR's head of governance is said to be leading the internal probe after an anonymous report of 11 potentially controversial measures taken by the HR department in recent years, which could have included special treatment to union members at top management levels.
    • The department has been managed by executives linked to an oil workers union since 2003, when Luiz Inacio Lula da Silva started his first term as president, according to Valor.
    • Separately, Portuguese police arrest in Lisbon another suspect of involvement in Brazil's massive corruption probe for allegedly paying bribes to former PBR directors.
    | Mon, Mar. 21, 12:24 PM | 6 Comments
  • Fri, Mar. 18, 12:54 PM
    • Petrobras (PBR -0.8%) is considering selling control of its BR Distribuidora fuel distribution unit after bidders failed to emerge for a minority stake, Reuters reports.
    • PBR may change its strategy for the sale after three of the four bidders that delivered preliminary proposals wanted management rights or a bigger slice of voting stock, according to the report.
    • BR Distribuidora, which controls Brazil's largest gasoline, ethanol and diesel station network, was valued last year at ~$10B by UBS.
    | Fri, Mar. 18, 12:54 PM | 13 Comments
  • Thu, Mar. 17, 9:15 AM
    | Thu, Mar. 17, 9:15 AM
  • Thu, Mar. 17, 7:57 AM
    • Petrobras (NYSE:PBR) +8.2% premarket following news it plans to cut 15% of its staff through a voluntary layoff program to be announced by mid-year, Reuters reports, citing newspaper o Estado de S.Paulo.
    • PBR expects to lay off up to 12K workers with the program as part of efforts to reduce costs, according to the local report.
    • The voluntary layoff program is expected to be announced along with the company's business plan for 2016-20; PBR reportedly already was expected to cut capital spending by 20% in the period.
    | Thu, Mar. 17, 7:57 AM | 36 Comments
  • Tue, Mar. 15, 4:57 PM
    • Brazil's Supreme Court today accepted a plea agreement by the governing Workers' Party's former leader in the Senate, whose testimony in the Petrobras (NYSE:PBR) corruption probe included allegations that the BTG Pactual bank underpaid for oil assets in Africa it bought from PBR in 2013.
    • BTG Pactual paid $1.5B for a 50% stake in PBR’s Africa division, which was less than the $2.7B valuation estimate from consulting companies hired by the oil producer to review the divestment, according to the plea document.
    • Among the other accusations, Brazilian Pres. Rousseff knew about a scheme to buy a refinery in the U.S. at an inflated price, and Rousseff and a former justice minister appointed a justice to a high court in a bid to secure the release of some people detained in the "Car Wash" corruption probe.
    • The accusations are the first directly implicating Rousseff herself in the corruption scheme.
    • Earlier: Brazil rally halted on word Lula to enter Rousseff government
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Tue, Mar. 15, 4:57 PM | 32 Comments
  • Tue, Mar. 15, 10:57 AM
    | Tue, Mar. 15, 10:57 AM | 26 Comments
  • Tue, Mar. 15, 9:17 AM
    | Tue, Mar. 15, 9:17 AM | 4 Comments
  • Mon, Mar. 14, 10:27 AM
    • Cnooc (CEO -4.1%) is interested in purchasing a minority stake in Brazilian petrochemical company Braskem (BAK +2.1%) from Petrobras (PBR -4.3%), according to a local newspaper.
    • Reuters reported in January that PBR had been receiving interest from major international chemical companies for its 36% stake in BAK's total capital.
    • BAK's controlling shareholder Odebrecht, Latin America's largest engineering conglomerate, also is seeking to exit BAK and could sell its stake in a joint transaction with PBR, Reuters reports.
    | Mon, Mar. 14, 10:27 AM | 4 Comments
  • Thu, Mar. 10, 9:59 AM
    • Brazil announces measures to extend Petrobras' (PBR -0.6%) rights to operate some of its oldest fields and resolve a long-standing disagreement on how to best share oil reserves that extend across areas owned by different groups.
    • Brazil's energy minister said after the measures were announced yesterday that they could help unlock as much as $120B of oilfield development by resolving the reserve-sharing impasse caused by changes to Brazil's oil law in 2010.
    • The extension of the 27-year concessions owned by PBR would secure the state-controlled oil company's rights to key fields for a longer period, perhaps making it easier to sell them to raise cash or assure investors it will have the production needed to make payments on $130B in debt.
    | Thu, Mar. 10, 9:59 AM | 46 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