Seeking Alpha

Seeking Alpha Portfolio App for iPad

6,223 people get PBR articles and Market Currents by email alert.

Get email alerts on PBR »

PBR

Petrobras - Petroleo Brasileiro S.A.

6/19/2013, 2:47 PM ET

Quote & Headlines Market Currents StockTalk

All
| Earnings
| Dividends
| M&A
| On the move

Wednesday, June 19, 8:32 AM Petrobras (PBR) says it could team with Sinopec (SNP) to build a refinery in the Brazilian state of Maranhao that would help reduce heavy imports of gasoline and diesel. Brazil desperately needs to increase refining capacity as growing consumption of gasoline and diesel outpaces current processing capacity. PBR earlier announced a similar study to build a refinery in nearby Ceara state with South Korea's GS Energy. Comment! [Energy]
Monday, June 17, 10:29 AM Petrobras (PBR +1.8%) is upgraded to Buy from Hold at Jefferies, citing encouraging progress in its upstream division which adds confidence that its ambitious production targets can be achieved. On Friday, PBR said it brought in a partner for its African operations and sold its stake in some small-scale hydroelectric plants, part of a plan to raise $9.9B from asset sales to fund new investments. Comment! [Energy, Quick Ideas, On the Move]
Friday, June 14, 5:15 PM Brazil's second-highest court denies a request by Petrobras (PBR) for an injunction in a dispute over tax payments for offshore oil platform leases. The ruling temporarily makes PBR ineligible to participate in government tenders, including the Oct. 22 auction of presalt oil and natural gas exploration acreage, even though Brazil’s new production-sharing rules require PBR to hold a 30% operator stake in the area to be sold. Comment! [Energy]
Thursday, June 13, 5:46 PM Peru's government aims to attract more than $1B in investments in an upcoming public auction of 26 oil concessions in the country's Amazon region, after a May auction for nine offshore oil concessions hauled in ~$450M. Side note: Peru hasn't been officially told by Brazil's Petrobras (PBR) that it is pulling out of the country but confirms that the company could sell at least some of its assets. Comment! [Energy]
Tuesday, June 11, 9:56 AM Petrobras (PBR -3.5%) signs an agreement with South Korea's GS Holdings that could lead to a partnership to build a Brazilian refinery capable of processing ~300K bbl/day of crude starting in late 2017. PBR needs new refineries to keep up with soaring domestic demand for vehicle fuels and petrochemicals, and higher costs have led it to seek partners such as Venezuela's PDVSA and now GS to help build them. Comment! [Energy, On the Move]
Monday, June 10, 8:09 AM Reuters cites six ”high-level sources inside and outside of the company” that say Petrobras (PBR) plans to leave Peru as part of its attempt to shed assets abroad and focus on its domestic market. The sources don't know how much the Peruvian assets - basically, two natural gas blocks - could be worth. Globally, PBR reportedly expects to generate ~$9B from its asset sale program. Comment! [Energy]
Friday, June 7, 3:07 PM Petrobras (PBR -3.5%) shares hit their low for the day as CEO Maria das Gracas Foster says PBR's Comperj refinery isn't expected to start operations in August 2016, more than a year later than planned. Environmental license issues and changes to the refinery's design are cited as reasons for the delay. Comment! [Energy, On the Move]
Friday, June 7, 12:33 PM Petrobras (PBR -2.5%) and Electrobras (EBR -4.3%) shares are weak after Standard & Poor's lowers its ratings outlook on both Brazilian companies to negative from stable while affirming its respective BBB and A- credit ratings. The outlook revision reflects its similar action on the outlook of Brazil's sovereign rating and the companies' close ties as government-related entities. 2 Comments [Energy, On the Move]
Friday, June 7, 10:28 AM Petrobras (PBR -1.8%) begins producing crude oil from the Lula Nordeste pre-salt field, its third new field to start output so far in 2013. The Cidade de Paraty floating platform will produce ~13K bbl/day of oil from the field in the first month, reaching peak output of ~120K bbl/day by H2 2014. Lula Nordeste is part of the Lula discovery, estimated to hold recoverable reserves of as much as 8.3B boe. Comment! [Energy, On the Move]
Thursday, June 6, 2:58 PM Brazil's Congress reportedly is considering a bill that would reduce the burden placed on Petrobras (PBR +0.2%) to develop offshore pre-salt oilfields, potentially opening up the region to greater private-sector investment. The proposal would reverse a controversial provision of Brazil's 2010 oil laws which forced PBR to operate and hold a 30% stake in pre-salt areas. Comment! [Energy]
Thursday, June 6, 10:29 AM Petrobras (PBR) investors haven't been celebrating Brazil's biggest crude discovery, as shares have slipped 5.3% since estimates for the Libra field were doubled to as much as 12B barrels. A new find "isn’t going to move the needle... the big issue [for PBR] is cash flow generation," says an analyst. Also, PBR has little say in how much it will profit from Libra since terms will be determined by the winning bidder for a 70% stake to be auctioned in October. 3 Comments [Energy]
Wednesday, June 5, 5:25 PM ConocoPhillips (COP), Suncor (SU) and Husky Energy (HUSKF.PK) offer the best value among energy shares, with Exxon (XOM) and Murphy Oil (MUR) at the bottom of the value heap, Barclays says. COP will rely on its "unmatched" North American unconventional oil portfolio to get better returns for its investments, the firm says in upgrading shares to Overweight with an $80 target (from $67). 8 Comments [Energy, Quick Ideas]
Wednesday, June 5, 2:40 PM Shares of beaten down OGX Petroleum (OGXPY.PK +1.7%) are bucking today's Brazilian selloff on better production numbers; oil and gas output in May climbed to 18.2K bbl/day, recovering from April when the company was forced to repair equipment. Most Brazilian shares (EWZ -1.8%), including Petrobras (PBR -3.6%), are sharply lower. Comment! [Energy, On the Move]
Friday, May 31, 3:49 PM Several Brazilian stocks hit 52-week lows in U.S. trading, as investors look to an early exit of stimulus measures by the country's central bank, which intervened to stabilize the real. VALE -4.8%, SID -4.8%, GGB -4.8%. Petrobras (PBR -2.5%) also moves lower as it reports April production of 2.55M boe/day, up more than 2% from March but flat vs. the prior year. 5 Comments [Energy, Commodities, On the Move]
Wednesday, May 29, 9:26 AM Teekay Offshore (TOO) is taking over the 50% stake in the Cidade de Itajai FPSO unit now held by Teekay Corp. (TK) The intra-company deal will see TOO spend ~$204M for the stake in the unit currently working offshore Brazil for Petrobras (PBR). The unit will be able to produce up to 80K barrels of oil and 2M cubic metres of natural gas per day. Comment! [Energy]
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]

1
2
3
4
5
6
...
18
Next Page