Petrobras Witnesses Receive Reduced Sentence in Plea Bargain by Anna Edgerton Raymond Colitt/Bloomberg 6:11 PM BRT April 22, 2015 Two key witnesses in the investigation of corruption at Petroleo Brasileiro SA received reduced sentences after cooperating with the police investigation. Paulo Roberto Costa, former head of refining at Brazil’s state-owned oil company, had his sentence... Continue Reading →
Petrobras Releases Audited Results With $2.1 Billion Graft Cost
Petrobras Releases Audited Results With $2.1 Billion Graft Cost by Peter Millard Sabrina Valle/Bloomberg 7:51 PM BRT April 22, 2015 Petrobras wrote down 6.2 billion reais ($2.1 billion) in corruption-related charges in its first audited financial results since August, a major step for Brazil’s state-run oil producer to regain bond-market access. The charge was linked... Continue Reading →
Brazil’s OAS says scandal, restructuring to halve revenue
Wed Apr 22, 2015 3:56 pm EDT Brazil's OAS says scandal, restructuring to halve revenue SAO PAULO, APRIL 22 (Reuters) - Brazilian engineering conglomerate Grupo OAS expects revenue to shrink more than 50 percent by 2017 as it sells operations and refocuses on civil construction after filing for bankruptcy protection due to a bribery scandal... Continue Reading →
U.S. Oil Industry’s Battle Cry: Exports Now!
U.S. Oil Industry’s Battle Cry: Exports Now! As Crude Prices Remain Weak, Push Intensifies for Reversing Decades-Old Ban on Sales Abroad U.S. oil prices have fallen by half, to around $56 a barrel, since their peak last June. Currently, the global price is almost $7 a barrel higher. PHOTO: REUTERS By LYNN COOK And LESLIE EATON/WSJ April 22, 2015... Continue Reading →
Half of U.S. Fracking Companies Will Be Dead or Sold This Year
Half of U.S. Fracking Companies Will Be Dead or Sold This Year By David Wethe / Bloomberg 1:21 PM BRT April 22, 2015 Half of the 41 fracking companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies, an executive with Weatherford International Plc said. There... Continue Reading →
Bearish Bets on Petrobras ADRs Hold Near Record Before Earnings
Bearish Bets on Petrobras ADRs Hold Near Record Before Earnings By Julia Leite/Bloomberg 12:29 PM BRT April 22, 2015 Bets on further declines of Petroleo Brasileiro SA held near a record high before the oil producer’s long-delayed audited results. Short interest in its American depositary receipts was at 16 percent of shares outstanding as of... Continue Reading →
Brazilian Currency Fluctuates Before Petrobras’s Audited Results
Brazilian Currency Fluctuates Before Petrobras’s Audited Results By Filipe Pacheco/Bloomberg 10:21 AM BRT April 22, 2015 Brazil’s real swung between gains and losses as the state-controlled oil producer at the center of a widening corruption investigation was due to publish audited financial results for the first time since August. The real dropped 0.1 percent to... Continue Reading →
Petrobras Seen Unlocking Bond Market Shuttered by Bribery Crisis
Petrobras Seen Unlocking Bond Market Shuttered by Bribery Crisis By Filipe Pacheco/Bloomberg 8:00 PM BRT April 21, 2015 A man gets back in his car after purchasing gasoline at a Petroleo Brasileiro SA station in Rio de Janeiro. The state-controlled oil producer will release audited financial results on Wednesday for the first time since August.... Continue Reading →
Brazil March Current Account Gap Wider Than Economists Forecast
Brazil March Current Account Gap Wider Than Economists Forecast By Mario Sergio Lima/Bloomberg 11:06 AM BRT April 22, 2015 Brazil’s current account deficit was wider than analysts expected last month, as a trade surplus wasn’t large enough to offset a deficit in international travel and machinery rental. The deficit in the current account, the broadest... Continue Reading →
Brazil Makes Latin America Fallen Angels Hub, Moody’s Says
Brazil Makes Latin America Fallen Angels Hub, Moody’s Says by Julia Leite/Bloomberg 2:09 PM BRT April 21, 2015 Brazil’s stagnant economy and sinking currency are putting investment-grade ratings at risk, making Latin America the region with the biggest number of high-grade bonds that could end up as junk, Moody’s Investors Service said. Power producer Centrais... Continue Reading →
Brazil Energy Insight 