Apache Corp. jumped as much as 5.6 percent after a website reported Occidental Petroleum Corp. planned to acquire the oil and gas explorer. Occidental said it didn’t know anything about the report. Apache shares rose 3.8 percent to $57.23 at 10:06 a.m. in New York, after earlier reaching $58.21, the highest since July 1. The... Continue Reading →
Brazil’s Temer Said to Eye Privatizations to Plug Budget Gap
Brazil’s Acting President Michel Temer is studying the sale of state assets to shore up public accounts, as well as an audit of the country’s largest savings bank, said a government official with direct knowledge of the matter. A government task force will consider selling stakes in companies such as power utility Furnas Centrais Eletricas... Continue Reading →
Petrobras announces the pricing of global notes and increase of waterfall tender cap
Rio de Janeiro, May 18, 2016 – Petróleo Brasileiro S.A. – Petrobras announces the pricing of global notes denominated in U.S. Dollars to be issued by its wholly-owned subsidiary Petrobras Global Finance B.V. (“PGF”). The Notes will be unsecured obligations of PGF and will be fully and unconditionally guaranteed by Petrobras. Closing is expected to... Continue Reading →
NYSE Begins Delisting of Brazil’s Eletrobras After Deadline Miss
The New York Stock Exchange suspended trading of Brazil’s state-owned power utility Eletrobras in the U.S. Wednesday and began delisting procedures after the company said it would miss a Wednesday deadline to submit its 2014 financial results. Eletrobras has already delayed the filing to the U.S. Securities and Exchange Commission three times as it conducts internal investigations... Continue Reading →
Brazil regulator renews two Petrobras offshore leases for 27 years
May 17 Brazilian petroleum regulator ANP said on Tuesday that it extended state-run oil company Petroleo Brasileiro SA's concessions to explore and produce oil from the Marlim and Voador offshore fields for 27 years, to 2052. The extensions were made to help facilitate new investment in the fields, which require new wells, production equipment and... Continue Reading →
Brazil’s New Central Banker Sees Huge GDP Drop and Grim Outlook
Brazil’s new central banker Ilan Goldfajn comes to the job with a sober view on Latin America’s largest economy, saying approval for recovery measures will be hard to come by. As chief economist for Brazil’s largest bank Itau Unibanco Holding SA, Goldfajn expected a deeper economic contraction than the 3.7 percent median forecast by 41 economists... Continue Reading →
UPDATE 3-Petrobras tests investor sentiment with $6.75 bln bond sale
May 17 State-controlled Petróleo Brasileiro SA raised $6.75 billion on Tuesday through a sale of five- and 10-year dollar-denominated bonds, in a closely watched return to global capital markets after the suspension of Brazilian President Dilma Rousseff. The bond sale is the first by any Brazilian company since last June and the first to test... Continue Reading →
Brazil suspends leniency deals with companies in corruption probe
Brazil's new Minister of Transparency and Oversight said he was suspending negotiations of leniency agreements sought by engineering and construction companies caught up in a massive corruption investigation. The minister, Fabiano Silveira, said in a Globo News television interview aired on Tuesday that interim President Michel Temer's government wants prosecutors and the federal audit court... Continue Reading →
UPDATE 2-Petrobras to sell new bonds, repurchase up to $3 bln in debt
State-controlled Petróleo Brasileiro SA plans to sell five- and 10-year dollar-denominated bonds as early as Tuesday, the first global offering of bonds by any Brazilian company since last June, as the debt-laden Brazilian oil producer seeks to ease repayment risk in coming years. Rio de Janeiro-based Petrobras announced the offering in a securities filing, alongside... Continue Reading →
Maersk Investors Get 24% Richer as ‘Perfect Storm’ Warning Ends
Just four months after analysts warned of the “perfect storm” pummeling shares in A.P. Moeller-Maersk A/S, things now look very different. Since a February low, investors who held on to their Maersk shares despite declining oil and freight rates -- the two parameters that determine the company’s fate -- are now about 24 percent richer,... Continue Reading →
Brazil Energy Insight 