Petrobras - Petroleo Brasileiro S.A. (PBR) - NYSE
  • Wed, Mar. 9, 9:15 AM
    | Wed, Mar. 9, 9:15 AM | 1 Comment
  • Tue, Mar. 8, 4:58 PM
    • A Brazilian federal judge sentences Marcelo Odebrecht, the former president of the country's largest construction company, to more than 19 years in prison on charges of corruption, money laundering and for belonging to a criminal organization, related to the Petrobras (NYSE:PBR) corruption scheme.
    • Odebrecht is the highest profile executive to be convicted in the "Operation Car Wash" investigations, and one of the central private sector figures in what prosecutors have called a criminal organization.
    • Prosecutors say the overall scheme involved $2B-plus in bribes paid to obtain PBR contracts, with some money making its way to political parties, including the governing Workers' Party.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Tue, Mar. 8, 4:58 PM | 6 Comments
  • Fri, Mar. 4, 7:21 PM
    • News that Brazil’s federal police detained former Pres. Lula da Silva for questioning in connection with the Petrobras (NYSE:PBR) corruption scandal sparked a rally in Brazilian assets today, as investors hoped the deepening political crisis would result in Pres. Rousseff's ouster and a more market-friendly government.
    • Brazil's real rose more than 3% vs. the U.S. dollar before settling to a 1% gain, and the Bovespa stock index jumped 4%.
    • Federal prosecutors who ordered today's raids said there was evidence that Lula personally received funds from the graft scheme through work on a luxury beachside penthouse and a country home; beyond the allegations of personal perks and payoffs, prosecutors today described the former president as leading a years-long scheme to divert money from Petrobras to fund election campaigns that would keep his Workers’ Party and its allies perpetually in power.
    • A presidential aide called the accusations against Lula a "turning point" in the  crisis, warning that if authorities do not quickly present concrete proof against Lula, "there is going to be violence in the streets. It could be a real war."
    • In today's U.S. trading of Brazil-based stocks: PBR +11.4%, PBR.A +12.9%, VALE +7.1%, EBR +4%, ELP +6.7%, CPL +3%, CIG +0.5%, BSBR +1.7%, BBD +11.6%, ITUB +7.4%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Fri, Mar. 4, 7:21 PM | 8 Comments
  • Fri, Mar. 4, 9:23 AM
    | Fri, Mar. 4, 9:23 AM | 10 Comments
  • Fri, Mar. 4, 7:20 AM
    • Speculation is flying that President Rousseff will resign as early as this weekend after Brazilian police detained former President Luiz Inacio Lula da Silva at his home.
    • This new phase of the Petrobas (NYSE:PBR) corruption probe is being dubbed "Aletheia" - meaning "real search" - by the police.
    • EWZ +6.4%, PBR +10.2%, VALE +5.9% premarket
    • ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Fri, Mar. 4, 7:20 AM | 29 Comments
  • Thu, Mar. 3, 9:15 AM
    | Thu, Mar. 3, 9:15 AM | 1 Comment
  • Wed, Mar. 2, 3:34 PM
    • Argentina's Pampa Energia (PAM -3.1%) has offered ~$1.2B to buy Petrobras' (PBR +8%) 67% stake in Petrobras Argentina (PZE +1.4%), with a final deal likely to be completed within two months, Reuters reports.
    • The PBR board approved exclusive talks with PAM for up to 60 days, according to a Brazilian securities filing.
    • If completed, the sale would be one of the first major deals in PBR's plan to sell $15B of assets by the end of 2016.
    | Wed, Mar. 2, 3:34 PM | 3 Comments
  • Wed, Mar. 2, 12:26 PM
    • Petrobras (PBR +3.9%) needs a capital injection of as much as 100B reais ($25.5B) to balance its finances, even if it takes three years to complete, a former Brazilian central bank director and CEO of Maua Capital tells Bloomberg.
    • "Everyone knows that Petrobras needs to be capitalized at some moment, and every day that passes this gets more expensive," says Luiz Fernando Figueiredo, who adds that the injection could be done by development bank BNDES, which already is a shareholder.
    • Separately, Reuters reports that PBR may be forced to pay 7.3B reais ($1.9B) in back taxes and fines after a decision by Brazil's tax authority.
    | Wed, Mar. 2, 12:26 PM | 8 Comments
  • Wed, Mar. 2, 10:35 AM
    • Petrobras (PBR +2.2%) is in exclusive talks to sell its controlling stake in Petrobras Argentina (PZE +2.4%) to Pampa Energia (PAM -4.7%), as it seeks to reduce debt and raise capital to keep core investments going in Brazil.
    • Petrobras Argentina is one of the four largest producers of oil and gas in the country and has extensive downstream operations, including refining, petrochemicals and power generation.
    • Pampa Energia is the largest integrated power company in Argentina and produces ~8% of all the country's electricity.
    | Wed, Mar. 2, 10:35 AM | 2 Comments
  • Tue, Mar. 1, 2:55 PM
    • Petrobras (PBR +6%) will cut its five-year investment plan by ~20% next month as low oil prices, the company's massive debt and the fallout from Brazil's corruption scandal hurt its ability to fund offshore projects, Reuters reports.
    • PBR's capital spending program would fall to ~$80B in the 2016-20 period, which would be the company's smallest five-year investment program since 2006, according to the report.
    • PBR's $98.4B plan announced in January already was the third downward revision of its original $130B 2015-2019 plan unveiled in June.
    | Tue, Mar. 1, 2:55 PM | 2 Comments
  • Tue, Mar. 1, 8:28 AM
    • Petrobras (NYSE:PBR) cancels an agreement to sell to a local oil firm its 20% stake in two offshore oil fields it operates with Royal Dutch Shell (RDS.A, RDS.B), giving no reason for the cancellation.
    • Shell - which owns 80% of the two fields and had agreed in January 2015 to sell its stake in the fields in a deal estimated to be worth $150M - said two weeks ago it was canceling the sale, also without explanation.
    • The fields are in decline and need investment to pump up output; they produce ~31K bb/day of oil, nearly half the planed production when the field started in 2003.
    | Tue, Mar. 1, 8:28 AM | 5 Comments
  • Mon, Feb. 29, 9:17 AM
    | Mon, Feb. 29, 9:17 AM
  • Fri, Feb. 26, 5:50 PM
    • Petrobras (NYSE:PBR+5.1% AH on news it has secured a $10B loan from the China Development Bank as part of deal to supply crude oil to the country.
    • The loan results from accords signed between Brazil and China last year, PBR says in a Brazilian securities filing.
    • PBR secured a similar loan in 2009, in which Brazil guaranteed the supply of 200K bbl/day oil to China for the next 10 years.
    | Fri, Feb. 26, 5:50 PM | 19 Comments
  • Fri, Feb. 26, 5:41 PM
    • Top gainers, as of 5.25 p.m.: PBR +5.6%. VRA +4.6%. GLBL +3.9%. AGI +2.4%. AAV +2.3%.
    • Top losers, as of 5.25p.m.: MEOH -5.4%. ECA -5.0%. CVE -4.5%. DSGX -2.4%. CAR -2.2%.
    | Fri, Feb. 26, 5:41 PM | 3 Comments
  • Fri, Feb. 26, 10:39 AM
    • Legislation to open offshore oil fields in Brazil to foreign firms took a major step forward earlier this week, but still faces fierce resistance from opponents who consider the measure an affront to the country’s control of a prized natural resource, WSJ reports.
    • The proposed bill would change part of the law that requires state-run Petrobras (PBR -0.8%) to be the lead operator and hold at least a 30% share of any drilling projects; instead, PBR would be offered the right of refusal to control and drill each field before it was put up for auction, which proponents say could help attract fresh capital from foreign oil companies, many of whom balked at the old rules, and bring in more oil revenue for Brazil’s government.
    • Yet the company is a symbol of national pride for many Brazilians, and most of Pres. Rousseff's Workers’ Party strongly opposes the bill, portraying it as theft or sabotage of a national resource that belongs solely to Brazilians.
    • The bill could go to the lower house as soon as next week, although it could be months before a final vote is taken; it then would go to Rousseff's desk.
    | Fri, Feb. 26, 10:39 AM | 2 Comments
  • Thu, Feb. 25, 9:42 AM
    • Petrobras (PBR +2.1%) should fetch $5B-$6B from the sale of its Nova Transportadora do Sudeste natural gas pipeline unit in southeast Brazil, Reuters reports, citing the Valor Economico newspaper.
    • Potential bidders include Canada's Brookfield Asset Management (NYSE:BAM), China National Petroleum (NYSE:PTR), and a joint venture between the Canadian Pension Plan Investment Board and Engie (OTCPK:ENGIY), according to the report.
    • Bids are said to be expected by a Tuesday deadline.
    | Thu, Feb. 25, 9:42 AM | 2 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