Brazil's state-controlled oil firm Petroleo Brasileiro SA could reduce debt below a projected target of 2.5 times Ebitda by the end of next year, Chief Executive Officer Pedro Parente said on Tuesday. According to Parente, that would be possible if the company maintains the current trend of debt reduction. Petrobras has a debt load of... Continue Reading →
Petrobras – Adjustment of the Divestment Program to the Methodology approved by the Federal Accounting Court
Rio de Janeiro, March 31st, 2017 – Petróleo Brasileiro S.A. – Petrobras, in continuation to the material fact disclosed on March 15, 2017, informs that its Executive Board approved yesterday the composition of its new divestment portfolio, consisting of projects that will follow the revised divestment methodology proceedings since the beginning, in compliance with the... Continue Reading →
Petrobras increased by 1% the 2017-2012 investment plan
Petrobras adjusted its business plan and increased the investment threshold for the period 2017-2021 by 1% from US $ 74.1 billion to US $ 74.5 billion. For the same period, the company increased its exploration and production (E & P) forecasts by US $ 600 million from US $ 60.7 billion to US $... Continue Reading →
Petrobras – Clarification on News: CARF Ruling
Rio de Janeiro, March 23, 2017 – Petróleo Brasileiro S.A. – Petrobras responds to Official Letter no. 432/2017-SAE which requests clarifications, as follows: Letter no. 432/2017 - SAE “Dear Sirs, We request clarifications by 9.00 am on 3/24/2017, regarding the news published by Valor Econômico newspaper on 3/23/2017, under the headline “Petrobras afasta autuação de... Continue Reading →
Petrobras raises asset sale goal to $21 bln for 2017-2018 period
Petróleo Brasileiro SA raised on Wednesday a goal for asset divestitures and partnerships for this and next year to $21 billion from $19.5 billion previously, a sign Brazil's state-controlled oil company plans to expand ventures with peers in segments from refining to oil exploration. In a presentation detailing fourth-quarter results, Petrobras said cash and equivalents... Continue Reading →
Petrobras debt, operational metrics improve despite profit miss
Petróleo Brasileiro SA cut debt by 20 percent and had positive free cash flow for the seventh straight quarter during the fourth quarter, in a further sign of recovery at Brazil's state-controlled oil company in spite of a quarterly profit miss. Net income at Petrobras (PETR4.SA) came in at 2.510 billion reais ($812 million) last... Continue Reading →
Petrobras Results Announcement 2016
Rio de Janeiro – March 21, 2017 - FINANCIAL REPORT FOURTH QUARTER OF 2016 RESULTS - Derived from consolidated interim financial information audited by independent auditors, prepared in accordance with International Financial Reporting Standards - IFRS. Net income R$ 2,510 billion Production 2,144 Mbbl/d Adjusted EBITDA R$ 24,788 million Attached find the Press Conference... Continue Reading →
Petrobras misses estimates as revenue disappoints, debt slumps
Brazilian state-controlled oil company Petróleo Brasileiro SA missed fourth-quarter profit estimates on Tuesday after revenue came in well below expectations. According to a statement, Petrobras earned net income of 2.510 billion reais ($812 million) last quarter, reversing a loss of 16.458 billion reais in the third quarter. Operational and cash flow trends improved while net... Continue Reading →
Brazil’s Petrobras confident accounting practices correct -CFO
Brazil's state-run oil company Petroleo Brasileiro SA is "completely confident" its financial reporting is in line with regulation, the company's chief financial officer said on Wednesday, after Brazil's CVM market regulator questioned its hedging practices. Chief Financial Officer Ivan Monteiro told reporters Petrobras would appeal the CVM decision and will continue to adopt the same... Continue Reading →
Petrobras – 2016 Annual Results Release Date
Rio de Janeiro, March 8, 2017 - Petróleo Brasileiro SA - Petrobras informs that it will release its 2016 annual results on March 21, 2017, after the market is closed. Therefore, the Company is in quiet period until the date of disclosure, during which Petrobras is not able to comment or provide clarifications related to... Continue Reading →
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