Brazil's Rousseff Says She Won't Rule Out Petrobras Rescue Sabrina Valle Arnaldo Galvao Anna Edgerton January 15, 2016 — Brazilian President Dilma Rousseff said her administration would be willing to evaluate government assistance to support state oil company Petroleo Brasileiro SA if conditions in the energy market continue to deteriorate. "We won’t rule out that... Continue Reading →
Brazil’s Petrobras cancels plan to sell local-market bonds
Jan 15, 2016 Reuters Brazil's state-led oil company Petroleo Brasileiro SA said on Friday it had canceled plans to sell as much as 3 billion reais ($744 million) of local-market bonds after being unable to sell the debt at rates acceptable to both the company and investors. Petrobras, as the company is commonly known, had... Continue Reading →
Petrobras cuts spending plan again as oil-price drop bites
Petróleo Brasileiro SA (PETR4.SA), Brazil's state-controlled oil producer, on Tuesday slashed its investment plan for the third time in just over six months as it tries to preserve cash to pay its debt, the industry's largest. With oil prices at more than 10-year lows and the company's $15.1 billion asset sale stalled, Petrobras cut its... Continue Reading →
Petrobras Reduces Output Estimates on Deeper Spending Cuts
Brazil’s state-controlled oil producer Petrobras further cut spending and reduced estimates for its production growth amid the worst oil market in a generation and a massive corruption scandal. The stock tumbled. Petroleo Brasileiro SA, as the company is formally known, slashed its business plan in the five years through 2019 to $98.4 billion, the latest... Continue Reading →
Petrobras – Adjustments to the 2015-2019 Business and Management Plan
01/12/2016 Rio de Janeiro, January 12, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its Board of Directors has approved certain adjustments to the 2015-2019 Business and Management Plan (2015-2019 BMP). These adjustments are designed to preserve the fundamental objectives of deleveraging and the generation of value for shareholders established by the 2015-2019... Continue Reading →
Petrobras – Clarification on News: Investment in 2016
01/07/2016 Rio de Janeiro, January 7, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 61/2016-SAE, which requests the following clarifications: Official Letter 61/2016-SAE “A news item published by Agência Estado – Broadcast on January 7, 2016 states, among other information, that: ü Petrobras’ budget this year will be R$75.6 billion, 9%... Continue Reading →
Petrobras 5-year investment plan to make more cuts -paper
Thu Jan 7, 2016 Reuters Brazilian state-run oil company Petrobras will present a five-year investment plan in coming weeks that is even leaner than the $19 billion announced in October, newspaper Estado de S. Paulo reported on Thursday. The plan will likely be presented in February, the newspaper said, citing anonymous sources. In addition to... Continue Reading →
Brazil’s Shrinking Investment-Grade Club Set to Dwindle Further
Brazil’s dwindling number of investment-grade companies is poised to shrink again in 2016. After two downgrades to junk for sovereign debt and more than 200 corporate rating cuts in 2015, Latin America’s largest economy is now home to just 14 investment-grade companies. Six of those at the lowest investment grade have negative outlooks on their ratings,... Continue Reading →
Scandal-hit Petrobras faces new challenge
http://www.ft.com/cms/s/0/9daaa982-a9a0-11e5-843e-626928909745.html#ixzz3vpx8YoiQ December 30, 2015 2:18 pm Scandal-hit Petrobras faces new challenge Joe Leahy in São Paulo/FT Brazil’s largest oil group must grapple with large debts and lawsuits but can count on state backing At a Christmas breakfast with journalists, Aldemir Bendine, the chief executive of Petrobras, said Brazil’s state-controlled oil company was aiming to become “smaller”... Continue Reading →
Real Fluctuates After Rally as Brazil Pledges to Pay Back Banks
The real was little changed at 3.8606 per dollar as of 10:24 a.m. in Sao Paulo on Tuesday, after earlier gaining as much as 0.2 percent. The currency strengthened the most in eight weeks on Monday amid speculation of inflows linked to an auction of hydropower plants. Monday’s rally trimmed the real’s decline this year... Continue Reading →
