15.33 -0.07 (-0.43%)
After hours: 4:26PM EDT
|Bid||15.25 x 40000|
|Ask||15.77 x 28000|
|Day's Range||15.11 - 15.51|
|52 Week Range||7.55 - 15.51|
|Beta (3Y Monthly)||0.82|
|PE Ratio (TTM)||20.98|
|Forward Dividend & Yield||0.47 (3.07%)|
|1y Target Est||17.32|
The Brazilian government is likely to pay around $10 billion to state-run oil firm Petroleo Brasileiro SA to settle the so-called 'transfer-of-rights' dispute, newspaper Valor Economico reported on Tuesday, though the parties have not agreed on final terms. Valor in January had reported that the government had agreed on the higher figure, but the government subsequently denied the report. Petrobras, as the firm is widely known, did not respond to a request for comment.
Brazil’s government anticipates that companies seeking to join in deep-water oil projects would need to pay Petrobras more than $9 billion, said the people, who asked not to be named because the information hasn’t been made public. Petrobras shares rose as much as 2.6 percent in Sao Paulo to 29.50 reais, the highest since August 2010. Brazil and Petroleo Brasileiro SA plan to reach an agreement by the end of this month on the government’s compensation.
Oil producers in Canada have jumped on an opportunity to lock in revenues for 2019 and 2020 as average crude futures for those years have soared over 20 percent to their highest levels this year, sources familiar with the deals said. Brazil's state-run oil giant Petróleo Brasileiro SA was also executing a part of its annual oil hedge last week, dealers and banking sources said. Canadian oil is priced against U.S. crude futures, and producers use a combination of the benchmark futures and other financial tools to protect against fluctuations in prices.
Brazilian independent oil company PetroReconcavo has entered direct negotiations with state-run Petroleo Brasileiro SA to purchase a cluster of 34 oilfields in the nation's northeast, two oil industry sources told Reuters. Petrobras, as the state-owned company is known, entered talks with the unlisted Salvador, Brazil-based company after upstart 3R Petroleum failed to receive financing for its $453 million purchase of the fields, which was announced in late November, said the sources, who requested anonymity because they were not authorized to discuss internal matters. The sources said the $453 million bid was considered aggressive, and PetroReconcavo will probably offer less for the fields in the state of Rio Grande do Norte, collectively known as Riacho da Forquilha.
Higher Oil Prices Have Boosted BP Stock 10% in Q1(Continued from Prior Part)Short interest in BPIn the previous article, we reviewed changes in institutional holdings in BP (BP) stock. Now let’s look at changes in its short interest.Short
On the first round of bids, Sydney-based Macquarie led a group with Canada Pension Plan Investment Board, GIC Private Ltd. and Itausa - Investimentos Itau SA, people said at the time. Now, GIC, Itausa and CPPIB are expected to bid without Macquarie, the people said, asking not to be named because the discussions are private.
Higher Oil Prices Have Boosted BP Stock 10% in Q1(Continued from Prior Part)Series so farBP (BP) stock has risen due to better oil prices and stronger markets in the first quarter, affecting its 50-day moving average, which has moved closer to its
Roberto Castello Branco, the chief executive of Brazil's Petroleo Brasileiro SA , said on Friday he believes the company will divest some $10 billion in assets in the first four months of 2019, aided by the sale of a major pipeline unit. At the same event in Rio de Janeiro, Brazilian Economy Minister Paulo Guedes said Petrobras, as the firm is known, has almost settled on terms with the government regarding a dispute over an oil-producing zone known as the transfer-of-rights area. Petrobras is aggressively divesting non-core assets in a bid to reduce its hefty debt load, which has steadily fallen in recent years but is still above that of its peers.
Risk appetite was boosted after a Xinhua report said officials from the United States and China, a key destination for Latin American resources exports, made substantive progress on trade. MSCI's index of Latin American stocks rose 0.7 percent, while its Latin American currencies index gained 0.1 percent. The show-stealer among currencies was Argentina's peso , which firmed about 1.8 percent to its strongest level in more than a week, after the local central bank announced measures the day before aimed at tightening monetary policy.
Roberto Castello Branco, the chief executive of Brazil’s Petróleo Brasileiro SA, said on Friday he believes the company will have divested some $10 billion in assets in the first four months of 2019. To attain that target, Petrobras, as the company is widely known, would almost certainly need to close the sale of its TAG pipeline unit by the end of April, a transaction that is expected to fetch around $8 billion.
Brazilian state-run oil firm Petroleo Brasileiro SA has formally requested the right to participate in an ongoing legal dispute that could have implications for its multibillion-dollar divestment program, a document seen by Reuters shows. According to the legal document, the company filed a request on Wednesday that would allow it to present arguments and defend its points of view regarding a major case before Brazil's Supreme Court, which concerns the sale of subsidiaries by state-run firms. Petrobras press representatives declined to comment.
The Brazilian government and its state-controlled Petroleo Brasileiro SA have begun talks with "many actors" about steps to prevent regional monopolies after the oil company divests some of its refineries, Brazil's minister of mines and energy said at an energy conference on Wednesday. Petrobras said last year it would sell some of its refineries in the Northeastern and Southern regions. "This is a process that we have been discussing among Petrobras, the government, and we are talking with many actors to deal with this subject," said Bento Albuquerque, Brazil's minister of mines and energy, in an interview on the sidelines of IHS Markit's CERAWeek conference in Houston.
Brazil's state-controlled oil company Petroleo Brasileiro SA on Tuesday relaunched the process to allow new bids for the TAG pipeline network, two people with knowledge of the matter said on Wednesday. Petrobras, as the company is known, has finished drafting a sale contract with the winner of the first phase of the process, France's Engie SA, which is bidding with Canadian pension fund Caisse de Dépot et Placement du Québec. The bids in the second round, requested by Brazil's audit court, will be due on April 2, the sources added, asking for anonymity because the talks are private.
Moody's Investors Service (Moody's) assigned a Ba2 rating to Petrobras Global Finance B.V.'s proposed new global notes, which will be unconditionally guaranteed by Petroleo Brasileiro S.A. -- PETROBRAS (Petrobras, Ba2 stable). The Ba2 rating on the proposed notes is based on the rating of Petrobras. The proposed notes are senior unsecured and pari passu with Petrobras Global Finance B.V.'s and Petrobras' other senior foreign currency debt.
A combination of Venezuela’s 5-day blackout and a pledge by Saudi Arabia to keep oil production below 10 mb/d sent oil prices higher on Tuesday
Transocean announced that Petrobras had signed contracts for the Ocean Rig Corcovado and Ocean Rig Mykonos, two rigs acquired in its purchase of Ocean RIG in December.
Brazil's state-controlled oil company Petróleo Brasileiro SA, or Petrobras, announced plans to cut $8.1 billion from its operational costs in the period from 2019 through 2023, according to a securities filing released on Friday. Petrobras said it intends to reach that economy on costs mainly with reductions in expenses with employees -- it will launch a voluntary lay-off plan soon -- and with lower expenditures in advertisement and office spaces. The company said the proposed cuts on operational costs will reduce that allocation in its 2019-2023 business plan, which originally estimated those costs at $122.6 billion for the 5-year plan.
SAO PAULO/RIO DE JANEIRO, March 8 (Reuters) - Five years after Brazilian prosecutors exposed a long-running bribes-for-contracts racket at state-run oil firm Petrobras, the company is proclaiming it has cleaned up its act. It has run TV spots touting its whistleblower hotline as well as a compliance department created in the wake of Brazil's epic "Car Wash" corruption scandal, which damaged the oil giant, helped tip Brazil into recession and landed a former president behind bars. In late November, citing progress it had made in rooting out graft, Petrobras closed down a special committee constituted in 2014 to aid investigations into corruption.
Canadian asset manager Brookfield Asset Management Inc is looking for additional targets in Brazil after a recent wave of acquisitions, including Sao Paulo state sanitation company Sabesp, a source familiar with the plans told Reuters. Sao Paulo's government, which took office in January, wants to privatize several companies to raise some 3 billion reais ($794 million). Among the targeted divestments is its controlling stake in Sabesp, one of the world's largest sanitation companies serving 28 million people.
Rodrigo Berkowitz, accused in Brazil of belonging to a group of traders who took more than $31 million in bribes, is charged with conspiracy to commit money laundering, according to court papers. Berkowitz, who is based in Houston, is cooperating with U.S. authorities. Berkowitz isn’t identified by name on the court docket but is the “John Doe” in a pending case before U.S. District Judge Raymond Dearie in Brooklyn, New York, according to the person, who spoke on the condition of anonymity because the matter isn’t public.
Petroleo Brasileiro SA is expanding its ambitious divestment program and has "bold" plans for future sales, the Brazilian state-run oil company's chief executive said after the firm posted its first annual profit in five years. On a conference call with analysts to discuss fourth-quarter results, CEO Roberto Castello Branco said selling non-core assets will be key to reducing debt. Petrobras, as the company is known, can reduce its ratio of net debt to earnings before interest, taxes, depreciation and amortization, or EBITDA, to 1.5 or even to 1, he added.
Stocks in Latin America fell on Thursday, and most currencies in the region softened against the dollar after a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un ended abruptly. ...
Brazilian state-run oil firm Petroleo Brasileiro SA (PETR4.SA) reported its first annual profit in five years on Wednesday as it swung to a net profit in the fourth quarter, although one-time provisions and writedowns led it to miss estimates. In a securities filing, Petrobras, as the company is known, said fourth-quarter net income rose to 2.102 billion reais (£423.3 million), compared with a loss of almost 5.5 billion reais in the same period a year earlier. Chief Executive Roberto Castello Branco, who took the reins in January, called 2018 the best year in some time, while adding that there was still much more to be done across several business segments.