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Petrobras - Petroleo Brasileiro S.A.

5/25/2013, 12:51 AM ET

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Friday, May 24, 11:24 AM Brazil plans to auction off its largest-ever offshore oil discovery in October at the country's first presalt-bid round, selling exploration and production rights for the Libra prospect estimated to hold 8B-12B barrels of recoverable crude oil. Petrobras (PBR) will be required to take a minimum 30% stake in any winning bid group - unrealistic, critics say, since it lacks the necessary personnel and financial resources. Comment! [Energy, Global & FX]
Friday, May 24, 9:28 AM Petrobras (PBR) agrees to sell a stake in an oil and gas exploration block offshore Tanzania to Statoil (STO) for an unspecified amount. PBR will continue to operate the block with a 38% stake, while Shell (RDS.A, RDS.B) will retain a 50% share and STO 12%. The deal is part of $9.9B in planned divestments as PBR focuses on developing offshore fields in Brazil. 1 Comment [Energy]
Wednesday, May 22, 2:48 PM Petrobras (PBR -3.2%) has $20B in cash reserves and isn't facing cash flow difficulties as suggested by some market rumors, PBR President Maria das Gracas Silva Foster tells a Brazilian lawmakers, adding that a recent $11B bond sale was aimed at more growth and investment, not at meeting pending obligations. Comment! [Energy]
Monday, May 20, 3:28 PM Shares of Colombian state oil company Ecopetrol (EC -1.8%), whose earnings continue to disappoint as it struggles to make new discoveries, hit a new 52-week low and fall below 4K pesos for the first time in 18 months. EC has ~2B boe in proven reserves and a $97B market cap, which makes its ratio of market value to reserves much more expensive than neighboring Brazil's Petrobras (PBR). Comment! [Energy, On the Move]
Monday, May 20, 11:33 AM Petrobras (PBR -0.5%) reportedly is finding it hard to pump oil at one of Brazil’s largest prospects, signaling its venture with BG Group and Galp Energia may have higher costs or slower development than at other offshore fields. The Iara field is one of Brazil's five largest discoveries, but single deepwater wells there are said to have already cost more than $100M apiece. 1 Comment [Energy]
Wednesday, May 15, 5:21 PM Better-than-expected results from Brazil's oil exploration rights auction show operators were undeterred by Brazil’s local-content rules or Chevron's treatment in the wake of the Frade oil spill. In fact, CVX was one of the winning bidders, joining the likes of XOM, BP and PBR. The auction put things in perspective: Brazil has huge potential, and is a much less risky place than Nigeria, Russia or Venezuela. 1 Comment [Energy, Global & FX]
Wednesday, May 15, 11:33 AM Petrobras (PBR -0.4%) is evaluating possible measures to deal with a court order suspending environmental licenses for its Comperj refinery project in Brazil's Rio de Janeiro state. Comperj will have installed capacity to process 165K bbl/day of crude oil when it enters operation in 2015, and would ease PBR's dependence on expensive fuel imports that have undercut profits over the past two years. Comment! [Energy]
Tuesday, May 14, 3:08 PM Exxon (XOM +0.8%) teams with OGX (OGXPY.PK) to win deepwater exploration blocks in Brazil's promising Potiguar region at the country's first energy auction in five years. OGX will pay 20M reais ($10M) for the rights to one block, and the OGX-XOM consortium agree to pay 81.9M reais for another. Total (TOT) gains access to operate five blocks in the Amazon basin together with partners BP and Petrobras (PBR). Comment! [Energy, Global & FX]
Tuesday, May 14, 12:49 PM Demand for Petrobras (PBR -0.5%) bonds spills over into a second day, as trading comprises nearly two-thirds of total emerging markets trading volume as of 11 a.m. The 10-year bonds, initially priced to yield at 4.522%, traded at a lower yield of 4.353% this morning. Separately, Argentine businessman Cristobal Lopez purchases a 51% stake in Petrobras Argentina (PZE +0.8%), a 67%-owned PBR subsidiary. Comment! [Energy, Global & FX]
Monday, May 13, 10:14 AM Petrobras (PBR -1%) confirms plans to wade back into the international debt market in an effort to raise billions of dollars toward its ~$237B 2013-17 capital spending program. Last week, Brazil's government issued dollar-denominated bonds due 2023 yielding 2.75%/year, a yield that typically establishes a benchmark for Brazilian corporate bonds. Comment! [Energy, Global & FX]
Tuesday, May 7, 5:11 PM Petrobras (PBR) CEO Maria das Gracas Silva Foster says its reserves will double in size by 2020, and says offshore production will result in plenty of crude available for export at the end of the decade despite Brazil's rapidly growing demand for fuel. Also, PBR plans to boost output from its offshore presalt formation in the Campos and Santos basins to more than 2M boe/day by 2020, from 311K today. Comment! [Energy, Global & FX]
Tuesday, April 30, 6:15 PM Minority shareholders in Petrobras (PBR) may have a bit more comfort that their interests are being watched, as the head of Brazil’s capital markets association was elected yesterday to PBR's board after a similar effort failed last year. The election may increase the chances of non-government investors gaining additional seats in coming years, and at least improves the perception of PBR’s governance. Comment! [Energy, Global & FX]
Monday, April 29, 4:56 PM Petrobras (PBR +6.7%) shares nearly erased YTD losses today after analysts said Q1 results marked an inflection point for PBR’s stagnant crude output. But Raymond James doesn't share the new-found enthusiasm, pointing to execution risk on intermediate-term growth targets, the highest financial leverage among oil sector peers, and at least two more years of substantial cash flow outspending. Comment! [Energy]
Monday, April 29, 12:58 PM Chevron (CVX +0.8%) could restart production at its Frade field in Brazil this week after being shut for more than a year because of an oil spill, according to 30% stakeholder Petrobras (PBR). At the time of the shutdown, CVX halted 60K bbl/day of output at Frade; CVX and rig operator Transocean (RIG) faced criminal and civil lawsuits for their roles in the oil spill. Comment! [Energy, Global & FX]
Monday, April 29, 11:58 AM After reporting a 4% Q/Q decline in crude oil output due to ongoing maintenance shutdowns at aging offshore platforms, Petrobras (PBR +6.6%) expects crude oil production to surge in 2014 as it ramps up output on seven new production platforms to be installed this year. Maintenance work will continue to undercut output in Q2 before picking up in H2. (also) Comment! [Energy, On the Move]
Monday, April 29, 11:08 AM Petrobras (PBR +6.7%) is upgraded to Buy from Neutral with a $28 price target (from $23) at BAML to reflect reduced risk perceptions following stronger than expected Q1 earnings. The firm thinks earnings are bottoming and set to enter a period of growth, production should grow from H2 and rank among the fastest vs. peers, and valuation remains low in light of the strong growth outlook. Comment! [Energy, Quick Ideas, On the Move]

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