Petrobras Chairman Ferreira to step down, to be succeeded by Landim
Petrobras (PBR -3.6%) drops even as surging crude oil prices lift shares of other oil producers, as Eduardo Bacellar Leal Ferreira said he plans to step down as chairman for personal reasons, to be succeeded by Rodolfo Landim, former CEO of fuel distributor BR Distribuidora.
Rodolfo Landim made a career at Petrobras, working at the company for 26 years and after joining it, eventually heading the natural gas division.
The appointment of a new chairman while Petrobras weighs important decisions including fuel prices could cause anxiety among investors, Morgan Stanley analysts say, according to Bloomberg.
Separately, Reuters reports Petrobras will seek government approval to raise wholesale fuel prices at its Brazil refineries, with a small fuel price increase expected.
The company is selling fuels at a discount compared with international fuel, with the gap widening as Brent oil prices reach as high as $130/bbl in the wake of Russia's invasion of Ukraine and supply disruptions.
Seeking Alpha contributor The Investment Doctor says he is "very confident in Petrobras' prediction of paying at least $10/ADR in dividends" in the 2022-26 period.