Feb 18, 2016 Reuters The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Brazil's state-run oil company Petroleo Brasileiro SA or Petrobras said on Thursday that Standard & Poor's downgraded its foreign currency bond rating to "B+" from "BB" after the ratings agency cut Brazil's... Continue Reading →
Brazil state banks may swap Petrobras debt for stock
Feb 16 Brazilian state-run lenders are considering converting part or all of their outstanding loans to Petróleo Brasileiro SA into equity in a bid to help the embattled oil producer, two sources familiar with the plan told Reuters on Tuesday. The swap would offer a government lifeline to Petrobras , the world's most indebted oil... Continue Reading →
Petrobras Equity Value Is Zero Due to Debt, BTG Pactual Says
Petrobras’s stock is worthless and a growing group of investors believe Brazil’s state-controlled oil company will convert debt into equity in a move that will benefit bondholders over shareholders, BTG Pactual said in a research report. Brazil’s three state-controlled banks, Banco do Brasil, Caixa Economica and development bank BNDES, hold an estimated 87 billion reais... Continue Reading →
Petrobras Staffers Idly Killing Time After Expansion Plan Gutted
Inside the new Petrobras -- less ambitious, more focused on cutting costs -- life for many remaining employees has slowed. Alarmingly so in some cases. Take the engineer who was recently stripped of his title as a manager and forced to take a 40 percent pay cut. He’s spending much of his time nowadays reading... Continue Reading →
Brazil’s Petrobras to reduce investment plan by 5 percent
Jan 31, 2016 The Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil, January 28, 2016. REUTERS/SERGIO MORAES Petroleo Brasileiro SA (PETR4.SA) will cut its 2016-2020 investment plan by 5 percent to $93 billion as the state-run oil company contends with dwindling oil prices and a massive corruption investigation, the O... Continue Reading →
Santander says overweight Brazil’s Petrobras bonds on asset-sale outlook
Santander Investment Securities said it has an "overweight" recommendation on the bonds of Brazil's state-led oil company Petroleo Brasileiro SA on expectation its asset-sale plans and cost cutting efforts will reduce debt. After meeting company executives, analyst Aaron Holsberg said that executives at Petrobras, as the company is known, have made divestments a high priority... Continue Reading →
Petrobras Rescue Could Cost Brazil $21 Billion, Citigroup Says
Bailing-out state-controlled oil producer Petroleo Brasileiro SA could cost the government as much as $21 billion, according to research from Citigroup Inc. That would be the amount necessary to plug the company’s cash hole and fix the capital structure on a sustainable basis were oil to fall to $20 for 12 months, Citigroup credit analysts... Continue Reading →
Petrobras bonds keep dropping on unit sale news
Jan 20, 2016 Reuters BY PAUL KILBY NEW YORK, Jan 20 (IFR) - Petrobras bonds found little respite on Wednesday after the Brazilian oil company announced it had begun negotiations to sell its Argentina unit. The company's curve was down about 1.25 to two points in what was another ugly session for Latin American credit... Continue Reading →
Petrobras’s Tumble to 16-Year Low Leads Drop in Ibovespa Stocks
Oil producer Petroleo Brasileiro SA led a drop in Brazilian stocks as commodities slumped on fears of slowing global growth and after a comment from the central bank ahead of an interest rate decision raised concerns of government interference in monetary policy. Petrobras tumbled 6.7 percent to 4.35 reais, set for the lowest closing level... Continue Reading →
Petrobras – Sale of assets in Argentina
01/20/2016 Rio de Janeiro, January 20, 2016 – Petróleo Brasileiro S.A. – Petrobras, concerning the news items published in the media regarding the sale of its assets in Argentina, hereby announces that it began negotiations for the sale of its interest in Petrobras Argentina. Nevertheless, until now, there are no deals signed securing the conclusion... Continue Reading →
