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Tue, Jan. 14, 2:57 PM
- Brazil's Oleo e Gas Participacoes (OGXPY, OGXPF) says its only working oil field, Tubarao Martelo, off the coast of Rio de Janeiro, produced 333K boe in December.
- At the end of the month, the field was producing ~12.6K bbl/day, still far short of the ~30K the company hopes to achieve when at full production.
- "The fact that they were able to produce was positive, [but] it's not enough to regain market confidence," says a local analyst.
Aug. 15, 2012, 2:15 PMOGX Petroleum (OGXPY.PK -5.2%) tumbles after the Brazilian company reports a ~$200M Q2 loss, nearly triple the loss in the year-ago period, blaming a $167M forex loss after the real depreciated more than 10% vs. the dollar. Results also were hit by lower-than-expected production at the Tubarao Azul field, where a well had to be shuttered to replace equipment. | Comment!
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OGXPF vs. ETF Alternatives
OGX is the EBX Group company that operates in the exploration and production of oil and natural gas. Created in 2007, the company has a portfolio of potential resources estimated at 10.8 billion barrels of oil equivalent (boe).
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