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 →
Petrobras – Reduction of Significant Shareholding Interest
Rio de Janeiro, March 21, 2017 – Petróleo Brasileiro S.A. – Petrobras, in compliance with article 12 of CVM Instruction no. 358, dated of 1/3/2002, informs that it was notified by BlackRock, Inc. ("BlackRock") that the latter has sold preferred shares issued by the company, and as of March 17, 2017 it manages shareholding interest... Continue Reading →
Suspension of Petrobras’ asset sale to Karoon still in force
zoomFPSO Cidade de Itajaí, located on the Baúna field. Image source: Teekay Oil and gas company Karoon Gas Australia has informed that a suspension of Petrobras’ process to sell two of its assets offshore Brazil to the Australian company is still in force. Earlier this week, the Brazilian Federal Accounting Court (TCU) allowed Petrobras to... Continue Reading →
Diamond Offshore wins court case against Petrobras
zoomPhoto by: Andy Grzymala ATGphotos.com Offshore driller Diamond Offshore has made a step forward in a court case against Petrobras, stemming from an early rig contract termination last year. Petrobras terminated the contract for the Ocean Valor rig in August 30, 2016. The drilling contract was originally estimated to conclude in October 2018. Diamond Offshore then, a... Continue Reading →
CORRECTED-Petrobras resorts to top court to free divestment plan
Brazil's state-run oil company Petrobras has asked the Supreme Court to lift an injunction obtained by an oil workers' union that froze sales of its assets, including its fuels distribution unit, a court official said on Friday. Petrobras filed the request on Thursday in a bid to lift the injunction that blocked a divestment plan... Continue Reading →
Petrobras has put up for sale at a minimum bid of US $ 40 million two drilling rigs that cost US $ 720 million at the beginning of the decade.
Petrobras has put up for sale at a minimum bid of US $ 40 million two drilling rigs that cost US $ 720 million at the beginning of the decade. The units are part of a package of seven probes that will be auctioned by the state-owned company in May. The P-59 and P-60 rigs... Continue Reading →
Petrobras ordered to restart asset sales
zoomFPSO Cidade de Itajaí, located on the Baúna field. Image source: Teekay Brazilian court has ordered the state-owned oil company Petrobras to restart its assets sale program, meant to help the company reduce its massive debt, except for two projects. Brazil’s Federal Accounting Court (TCU) on Wednesday overturned an injunction from December last year that... Continue Reading →
Petrobras – Federal Accounting Court (TCU) authorizes resuming the Divestment Program
Rio de Janeiro, March 15, 2017 – Petróleo Brasileiro S.A. – Petrobras, in continuation to the material facts disclosed on 12/8/2016 and 12/20/2016, reports that the decision by the Federal Accounting Court (TCU) issued today, repealed the preventive order preventing the company from initiating new divestment projects and concluding those in progress and, as for... Continue Reading →
