Bonds in Brazilian state-controlled oil producer Petróleo Brasileiro SA and those of banks, steelmakers and commercial property companies are expected to benefit from President Dilma Rousseff's removal, which could usher in more business-friendly policies, Deutsche Bank Securities said in a report. Brazil's Senate voted last week to impeach Rousseff and she faces trial on charges... Continue Reading →
Petrobras’s Can of Worms
Petrobras, which on Friday reported its first-quarter numbers,admits it has a problem, with its chief financial officer saying: "Petrobras is a company with very high cholesterol levels, which is leverage." This sickness has no doubt been exacerbated by the corruption scandal that has left Petrobras in the cross-hairs of the Department of Justice and taken... Continue Reading →
Petrobras to ‘Cut Cholesterol’ After Third Straight Loss
Brazil’s state-controlled oil company Petrobras is advancing asset sales to reduce the biggest debt load in the oil industry after three consecutive quarterly losses. Petroleo Brasileiro SA is negotiating the sale of the natural gas distribution unit Nova Transportadora do Sudeste to Brookfield Asset Management Inc., the Rio de Janeiro-based company said Thursday, without providing a... Continue Reading →
Approval of Sale of Petrobras Argentina
Rio de Janeiro, May 12, 2016 – Petróleo Brasileiro S.A. – Petrobras, in accordance with the material facts published on January 20, 2016, March 2, 2016, April 8, 2016, and May 3, 2016, announces that its Board of Directors approved, in a meeting held today, the sale of its entire 67.19% shareholding in Petrobras Argentina... Continue Reading →
Petrobras – FIRST QUARTER OF 2016 RESULTS
May 12, 2016 - FIRST QUARTER OF 2016 RESULTS - Derived from interim financial information reviewed by independent auditors, stated in millions of Brazilian Reais, prepared in accordance with International Financial Reporting Standards - IFRS issued by the International Accounting Standards Board - IASB. Main financial highlights (1Q-2016 x 1Q-2015): • Net loss attributable to... Continue Reading →
Petrobras – Sale of Nova Transportadora do Sudeste
Rio de Janeiro, May 12, 2016 – Petróleo Brasileiro S.A. – Petrobras, giving continuity to the notice published on February 26, 2016 regarding the process of sale of Nova Transportadora do Sudeste (NTS), announces that the Company's Executive Board approved carrying out the negotiations with Brookfield on an exclusive basis for 60 days, which may... Continue Reading →
Petrobras Posts Quarterly Loss as Fuel Sales, Output Slumps
Brazil’s deepest recession in a century is curbing lucrative fuel imports and eroding profits at state-controlled Petroleo Brasileiro SA. The company’s net loss was 1.25 billion reais, or 0.10 centavos per share, in the first quarter compared with a profit of 5.3 billion reais, or 41 cents, a year earlier. Sales fell to 70.3 billion reais,... Continue Reading →
If You Like Delivering Bad News, Petrobras Has the Job for You
What used to be corporate Brazil’s top job as Chief Executive Officer is now a tough gig to sell. The likely impeachment of President Dilma Rousseff has raised expectations for a leadership change at state-controlled Petrobras. The president has traditionally chosen the CEOs at banks and companies that are controlled by the government, even... Continue Reading →
Petrobras Clarification of News Item: Estimated result and indebtedness
Rio de Janeiro, May 10, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby responds to Official Letter 199/2016-CVM/SEP/GEA-1, which requests the following clarifications: Official Letter 199/2016-CVM/SEP/GEA-1 “Dear Officer, I refer to the news item published today in the Blog de Lauro Jardim, which, among other matters, affirms that Petrobras’ balance sheet, to be published on... Continue Reading →
Fitch reviews Petrobras’ global ratings
Rio de Janeiro, May 11, 2016 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch announced the revision of Petrobras' corporate debt rating to BB from BB+, with negative outlook. This review follows the change in the sovereign rating, as announced on May, 5th.
Brazil Energy Insight 