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 →
Is this the riskiest oil stock in the world?
As the stock and commodities markets continue trying to make paupers of energy investors everywhere, many investors are undoubtedly unnerved by the volatility. Yet for all of the sound and fury of the markets, many oil companies from Exxon to Devon actually remain in relatively good shape even if this quarter’s earnings will be pretty rough.... Continue Reading →
Brazil’s Petrobras close to selling Braskem stake: source
Jan 22, 2016 Reuters The Petrobras logo is reflected in the window of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/PAULO WHITAKER Brazil's state-led oil company Petroleo Brasileiro SA (PETR4.SA) is on the verge of selling its stake in Brazilian petrochemical company Braskem SA (BRKM5.SA) and expects to complete the sale by the... 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 →
Brazil Petrobras securities probe may win judgments this year
Brazil's securities regulator CVM is investigating 10 complaints that state-led oil company Petrobras, its auditors, and former company executives misled investors, several of which could result in judgments this year, the CVM president said. The cases, which carry administrative but not criminal penalties, come after shares in Petroleo Brasileiro SA, as Petrobras is formally known,... Continue Reading →
Petrobras – Oil and natural gas production in 2015
01/15/2016 Rio de Janeiro, January 15, 2016 – Petróleo Brasileiro S.A. – Petrobras hereby announces that its average Brazilian oil production in 2015 exceeded the annual target established in the Company’s Business and Management Plan for the first time in 13 years. The period average of 2.128 million barrels per day (bpd) was 4.6% higher... Continue Reading →
Petrobras CFO says government bailout would only be “last resort”
Jan 15, 2016 Reuters Brazil's Petroleo Brasileiro SA will only seek new capital from the Brazilian government as a last resort and that no such bailout is under consideration for the heavily indebted state-led oil company, Chief Financial Officer Ivan Monteiro told reporters on Friday. Petrobras, as the company is known, understands the challenge of... Continue Reading →
Petrobras pressing ahead on asset sales to limit cuts: Itau BBA
Brazil's Petroleo Brasileiro SA will press ahead with a $15 billion asset sale program to pay off debt and limit further cuts to its investments as oil prices tumble to 12-year lows, the state-led oil company told analysts on Friday. In a note to investors, Itau-BBA said Petrobras executives also stressed that a 25 percent... Continue Reading →
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