Rio de Janeiro – March 21, 2016 - FOURTH QUARTER OF 2015 RESULTS - Audited by independent auditors, stated in millions of Reais, prepared in accordance with International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board – IASB (a free translation of the original in Portuguese). • Consolidated net loss was... Continue Reading →
Petrobras Huge Writedown Prompts Surprise Loss as Rout Bites
Petroleo Brasileiro SA reported a massive loss after writing down the value of assets because of the collapse in oil prices. The 46.4 billion reais ($12.8 billion) of writedowns in the value of its assets and investments, mainly from its exploration and production division, are worth more than a third of the company’s market value. They... Continue Reading →
China’s CNOOC eyes Petrobras’ stake in Braskem
Mar 14, 2016 Reuters A logo is seen on the wall at the entrance of China National Offshore Oil Corp (CNOOC) office tower in Beijing, March 20, 2013. REUTERS/PETAR KUJUNDZIC China's CNOOC Ltd (0883.HK) is interested in purchasing a minority stake in Brazilian petrochemical company Braskem SA (BRKM5.SA) from state-run Petroleo Brasileiro SA (PETR4.SA), a... Continue Reading →
From Champs To Chumps: Latin America Oil Giants Owe $275 Billion
The Latin American state-run oil companies whose largesse filled government coffers from Mexico to Brazil during the crude boom of the previous decade are quickly becoming dangerous liabilities as soaring debt levels spook investors. Regional leaders are being forced to shelve plans to spend petro-cash on popular projects after oil prices plunged more than 50 percent... Continue Reading →
Petrobras – Disbursement of the Financing Agreement with ICBC Leasing
Rio de Janeiro, March 8, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the amount of US$ 1 billion, associated with the financial leasing of P-52 platform, signed with ICBC Leasing (Industrial and Commercial Bank of China Leasing) and announced to the market on October 13th,2015, was disbursed today. The transaction has a 10... Continue Reading →
Petrobras to report 2015 results on March 21
Mar 7, 2016 Petroleo Brasileiro SA will report its 2015 financial results on March 21 after market close.
Petrobras Needs Cash Injection of Up to $26 Billion, Maua Says
Brazil’s state-run oil producer Petrobras needs a capital injection of as much as 100 billion reais ($25.5 billion) to balance its finances, even if it takes three years to complete, saidLuizFernandoFigueiredo, a former central bank director and Chief Executive Officer of Maua Capital. “Everyone knows that Petrobras needs to be capitalized at some moment, and... Continue Reading →
Exclusive: Petrobras to cut five-year investment plan by one fifth to $80 billion – sources
Mar 1, 2016 Reuters The Petrobras logo is seen in front of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/PAULO WHITAKER Brazil's Petrobras will cut its five-year investment plan by about a fifth next month as low oil prices, massive debt and the fallout from a corruption scandal bite into the state-led oil... Continue Reading →
China Petrobras loan cuts need for government bailout -Itau BBA
A credit line of up to $10 billion from China's state development bank to Petrobras cuts the risk that Brazil's state-run oil company would need government assistance to pay for debt and investment in 2016, Banco Itau BBA said on Monday. The loan from China Development Bank, announced on Friday, is enough to pay nearly... Continue Reading →
Petrobras bonds end higher on China loan
Bonds issued by Brazil's Petrobras ended the day one to two points higher on Monday as the beleaguered oil company eased refinancing pressure by clinching a US$10bn loan from China. The up to US$10bn loan from China Development Bank, which can be repaid in cash or oil, will do much to reduce refinancing risks for... Continue Reading →
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