14.23 -0.08 (-0.55%)
After hours: 4:18PM EST
|Bid||0.01 x 27000|
|Ask||14.33 x 46000|
|Day's Range||14.16 - 14.51|
|52 Week Range||10.79 - 15.75|
|Beta (3Y Monthly)||1.97|
|PE Ratio (TTM)||19.50|
|Forward Dividend & Yield||0.57 (4.03%)|
|1y Target Est||17.97|
* Petrobras rises 2%, says may divest billions more than forecast * Chile stocks, peso rise; central bank holds benchmark rate * Argentine c. Stocks took support from lingering optimism over the Sino-U.S. trade war, after a Bloomberg report as well as positive comments from U.S. President Donald Trump brewed some hope over a "phase-one" trade deal. Regional markets have also been propped up by some positive economic readings this week, with better-than-expected GDP data from Brazil, Latin America's largest economy, being the most notable.
(Bloomberg) -- While Brazil’s President Jair Bolsonaro recently welcomed an informal invitation to join OPEC, the boss of the country’s state-controlled energy company isn’t a fan of the idea and said it’s not a possibility right now.“To be a member of OPEC, or not, is not an option that’s being considered by the Brazilian government,” Petrobras Chief Executive Officer Roberto Castello Branco said Wednesday in an interview in New York.“I am a free marketer,” he added. “I am against cartels. Brazil can do better.”He made the comments as the Organization of Petroleum Exporting Countries prepares to meet in Vienna Thursday to decide on whether to persist with supply curbs. A committee that oversees its deal with non-members including Russia recommended the wider group adopt a Saudi Arabian proposal and cut its output quota by 500,000 barrels a day, delegates said.Brazil joining OPEC isn’t a new proposition -- former President Luiz Inacio Lula da Silva once toyed with the idea. Petroleo Brasileiro SA, as the state oil company is also known, has previously come out against the notion, saying its obligation is to investors and debt holders, and that the government doesn’t have the power to determine production levels of private operators.Bolsonaro said in October he got the invitation after meeting with senior officials from Saudi Arabia including Crown Prince Mohammed Bin Salman. Brazil’s oil output is set to grow strongly in the next few years as more of its offshore reserves are drilled, giving the country increasing clout in the global market.To contact the reporter on this story: Simon Casey in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Petrobras plans to pay its shareholders $34 billion in dividends over the next five years as it cuts debt and sells assets to shore up its finances.
NEW YORK/RIO DE JANEIRO, Dec 4 (Reuters) - Brazil's Petrobras could add several billion dollars of assets to its already ambitious five-year divestment plan, executives said on Wednesday, underlining the state-run oil company's rush to reduce its hefty debt load. In the company's 2020 to 2024 business plan released last week, Petroleo Brasileiro SA, as the company is formally known, said it would look to sell $20 billion to $30 billion of assets during that period, including eight refineries spread around Brazil. In a separate Wednesday presentation, released during Petrobras' New York Investors' Day, the company said it may add its Bolivian assets to the divestment program, as well as its stake in petrochemical firm Braskem SA, legacy deepwater oilfields and its remaining stake in fuel distribution firm, Petrobras Distribuidora SA, commonly known as BR Distribuidora.
We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]
Norway's $1 trillion sovereign wealth fund has removed Brazilian oil firm Petrobras from a watchlist of firms that could be dropped as investments due to ethical concerns, the central bank said on Tuesday. Petrobras was put under observation in 2016 over corruption risks. The fund's ethics watchdog, the Council on Ethics, believed the risk of corruption at Petrobras was now reduced, the central bank, which manages the fund, said.
Brazil's state-controlled oil company Petroleo Brasileiro SA has selected four groups for the second round of bidding for four refineries up for sale, including China's Sinopec, Abu Dhabi's state investor and two Brazilian firms, according to four people with knowledge of the matter. Sinopec, Abu Dhabi's Mubadala Investment Co and Brazil's Ultrapar Participações SA and Raizen were chosen to go through to the next phase, they said.
Shares of Brazilian oil firm Petroleo Brasileiro SA slipped on Thursday after its oil and gas production outlook for next year disappointed analysts, despite ambitious long-term output forecasts in its new five-year strategic plan. Petrobras, as the state-run company is known, aims to produce 2.2 million barrels of oil per day (bpd) next year, below a prior outlook for more than 2.3 million bpd provided in the comparable strategic plan released last December. Preferred shares of Petrobras slid more than 1% in morning trade on the Sao Paulo stock exchange.
Brazilian gas company Copagaz expects to become the market leader for liquified petroleum gas (LPG) and triple its market share after it closes a deal to buy Liquigas, which state-giant Petrobras is selling, an executive told Reuters. Pedro Zahran Turqueto, the company's top executive for business development, said Copagaz should now have a 25% market share in LPG.
A former Petrobras oil trader told a Brazilian judge he received bribes from Vitol Group to favor the firm in contracts with the crude producer, court documents show.
(Bloomberg) -- A former Petroleo Brasileiro SA oil trader who went by the code name “Phil Collins” told a Brazilian judge he received bribes from Vitol Group to favor the firm in contracts with the crude producer, court documents show.Carlos Roberto Martins Barbosa said he collected payoffs between 2003 and 2005 to steer fuel oil contracts to Vitol with Petrobras, as the state-controlled company is known, and give Vitol more favorable terms. Payments equivalent to 12 cents per barrel were deposited by Vitol into his bank account in Switzerland, according to his Oct. 23 testimony, which was published for the first time on a court website in Brazil’s Parana state.The alleged bribes were paid following negotiations with the head of Vitol in Brazil at the time, Lauro Moreira, and with the consent of the firm’s U.S. boss Mike Loya and then-Latin America head Tony Maarraoui, the ex-Petrobras trader testified. Loya and Maarraoui have previously been cited in court documents as part of Brazil’s sprawling Carwash corruption probe.“In trading, when you want to get a bribe, you don’t make $10 a barrel in one cargo,” Barbosa said in the testimony. “It’s the perpetuity of a few cents in each sale, in each product, that provides the illicit gain.”Investigators say their long-running investigation is zeroing in on commodity trading houses. On Thursday, Brazilian prosecutors said Swiss authorities executed search warrants at Geneva addresses linked to Vitol and Trafigura Group Ltd., which are the subject of a corruption and money-laundering investigation for allegedly bribing employees at Petrobras.One Brazilian prosecutor said top executives of the two firms could face charges for being aware of and engaging in the scheme.“We are deepening investigations and collecting more evidence we consider necessary before we can press charges,” Brazilian federal prosecutor Athayde Ribeiro Costa, part of Brazil’s Carwash task-force, said in a interview by phone from Curitiba in Parana. “That’s why the raids were carried out in the companies’ offices in Geneva.”Brazil is sharing information with U.S. authorities, who are conducing a parallel investigation, the prosecutor said.A London-based spokeswoman for Vitol said the company has a zero tolerance policy in respect of bribery and corruption, and continues to cooperate with relevant authorities.No one responded to calls made to Loya’s office at Vitol in Houston. An automatic email reply sent from Maarraoui’s email address at Vitol said he no longer works for the company. Moreira, who left Vitol in 2005, couldn’t be reached for comment.Petrobras declined to comment on the testimony. Trafigura confirmed its Geneva offices were visited by Swiss authorities on Wednesday. It responded to a request for assistance with the investigation, provided documents, and is taking the allegations seriously, a company representative said.The Swiss Attorney General’s Office confirmed Thursday it “acted on a request for legal assistance from Brazil” in the case, while declining to provide further details.The Swiss raids raise the stakes in the ongoing bribery investigation against Vitol, the world’s largest independent oil trader, and Trafigura, the second-biggest. Geneva is a key trading hub for both companies. Trafigura’s top executives are based in the city.Carwash has ensnared business leaders and politicians including former Brazilian President Luiz Inacio Lula da Silva. It spread to Switzerland in 2015 as prosecutors and financial regulators began looking into whether the country’s banks unwittingly acted as conduits for money laundering and the payment of bribes. Swiss prosecutors said in February they were helping their Brazilian counterparts’ investigation into potential bribery. The contracts with Petrobras were signed between 2004 and 2015, officials said.Brazilian prosecutors are currently conducting two separate criminal probes involving Vitol and Trafigura. Since those probes began in 2018, a judge has accepted charges against people connected to both companies, including alleged intermediaries. So far, no verdicts have been reached.Brazilian authorities have alleged Vitol and Trafigura used agents to facilitate payments to officials at Petrobras. Some commodity trading houses, including Trafigura, have vowed to cut back or eliminate the use of intermediaries in foreign countries.(Updates with comment from Brazilian prosecutor on U.S. investigation in eighth paragraph)\--With assistance from Hugo Miller.To contact the reporters on this story: Sabrina Valle in Rio de Janeiro at firstname.lastname@example.org;Andy Hoffman in Geneva at email@example.comTo contact the editors responsible for this story: Simon Casey at firstname.lastname@example.org, ;James Herron at email@example.com, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Petroleo Brasileiro S.A. - PETROBRAS and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030 according to new research
Foreign oil stocks seem to be weathering the current environment better than US drillers, and some of them have managed to significantly raise profits over the last few quarters
From privatizations to pension reform to lower interest rates, investors may want to give Brazil’s markets another look after a spate of bad news