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Petroleo Brasileiro SA, Brazil’s state-run oil giant, surged 81 percent in dollar terms in March, the biggest gain among the world’s 1,000 biggest companies. The rally masks trouble under the hood that may derail the winning streak. Here’s the rub: The embattled crude producer hasn’t undergone any fundamental improvements. Instead, the gains have been fueled... Continue Reading →
Executives of Brazil's state-run oil producer Petroleo Brasileiro SA approved a voluntary layoff program to cut about 12,000 jobs and save 33 billion reais ($9.20 billion) by 2020, the company said in a statement on Friday. The program will cost 4.4 billion reais ($1.23 billion) to be implemented, Petrobras said. The layoffs will help Petrobras... Continue Reading →
Mar 30, 2016 Reuters State-controlled Petróleo Brasileiro SA, the Brazilian oil producer at the center of a sweeping corruption probe, plans to save 1.8 billion reais ($500 million) a year through a reorganization plan that includes the merger of several business units, job cuts and a streamlining of activities. In a securities filing, the company... Continue Reading →
03/22/2016 Rio de Janeiro, March 22, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 780/2016-SAE, which requests the following clarifications: Official Letter 780/2016-SAE “Dear Officer, In an article published by Agência Estado – Broadcast newspaper, in 03.22.2016, states, among other information, that: 1. Petrobras plans to end the year 2016 with... Continue Reading →
Brazil's state-controlled oil company Petrobras is being forced to turn itself into a smaller operation as crude prices have fallen more than expected, making it impossible to finance its once-ambitious plans, the company's chief financial officer said on Tuesday. CFO Ivan Monteiro made the comment on a conference call with investors a day after Petroleo... Continue Reading →
Presentation of webcast, 22/03/2016 4th Quarter 2015 and Fiscal year 2015 PBR 4th Q 2015 webcast presentation
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 →
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 →
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 →
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 →
