Petrobras Sees No Need to Cut Oil Production
Brazil's state-run Petrobras sees no need for cuts in oil production, executives say, as the market for its crude remains robust in China, while domestic demand for fuel picks up amid social distancing fatigue in Latin America's largest economy.On a Friday earnings call with analysts, executives credited the company's strong relationship with independent refineries in China's Shandong Province, known as "teapots,"' for allowing Petrobras to export a record amount of crude in recent months, even as some economies are effectively shut.
Petrobras Posts Another Major Production Boost
Brazilian state-run oil firm Petroleo Brasileiro SA posted a significant production boost in the third quarter, as heavy investments in its deepwater, pre-salt zone showed signs of paying off.Investors and analysts have been watching the firm's production figures closely in recent quarters, and the company's ability to swiftly boost output is key to its current strategy.In a Thursday securities filing, Petrobras, as the firm is commonly known, said it produced 2.878 million barrels of oil equivalent per day (boepd) in the third quarter…
Petrobras Posts Highest-ever Quarterly Profit
Brazilian state-run oil firm Petroleo Brasileiro SA posted its highest ever quarterly profit on Thursday and handily beat analysts' estimates, thanks in large part to billions of reais in asset sales.In a securities filing, Petrobras, as the firm is commonly known, said second quarter net profit came to 18.87 billion reais ($4.92 billion). That was well above the Refinitiv consensus estimate of 8.06 billion reais at current exchange rates.Adjusted for non-recurring items, net income would have come to 5.2 billion reais…
Brazil Sets Parameters for Mega Oil Auction
Brazil's national energy council on Thursday published updated parameters for a massive oil auction scheduled for later this year, including minimum levels of profit-sharing with the government, while also urging a shakeup in the refinery sector.The country is set to auction off rights to excess oil in the so-called transfer-of-rights (TOR) offshore area in October, having settled a long-running dispute with Petroleo Brasileiro SA, which had already begun exploration there.Companies will bid in the form of the percentage of profit they are willing to hand over to the government…
Petrobras Divestment Plan Pushing Ahead
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 reported its first annual profit in five years.On a post-results conference call with analysts on Thursday, CEO Roberto Castello Branco said selling non-core assets will be the key to reducing debt.Shallow-water and onshore fields are among the first on the block, while the company hopes to complete the sale of…
Petrobras: First Annual Profit in 5 Years
Brazilian state-run oil firm Petroleo Brasileiro 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 ($564 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…
Petrobras May Reconsider Dividend Policy
Brazil's state-run oil company Petroleo Brasileiro SA may reconsider its dividend policy, Chief Executive Officer Roberto Castello Branco told Brazilian newspaper Valor on Wednesday.In an interview with the paper, Castello Branco said he may cancel quarterly dividends payments, to accelerate the reduction of Petrobras' debt levels.The Petrobras CEO also said the company expects capital expenditures of $16 billion this year, 23 percent higher than expenditures last year.
Three Nominated to Petrobras Board
Brazil's government on Monday nominated three new board members for state-owned oil company Petroleo Brasileiro SA (Petrobras), amid accusations that new CEO Roberto Castello Branco was pushing to oust board members.The nominees are Eduardo Bacellar Ferreira, John Forman and Joao Cox.(Reporting by Marcelo Rochabrun; editing by Jason Neely)
New Petrobras Chief Wants to Oust Board Members
The new chief executive of Brazil's Petroleo Brasileiro SA is pushing for the ouster of two of the state-controlled oil company's board members, three people with knowledge of the matter said on Friday.Roberto Castello Branco is seeking the resignation of two Petrobras board members, Segen Estefen and Durval Soledade, whose mandates were only supposed to end in 2020. Brazilian newspaper Valor Economico was first to report that Castello Branco was pushing for their exit.The people, who asked for anonymity due to the sensitivity of the matter…
A 'Chicago Boy' Takes the Reins at Petrobras
Depending on who you ask, Roberto Castello Branco, the new chief executive of Brazil's Petroleo Brasileiro SA, will either save the indebted oil major - or strip it to the bone.Tapped by far-right President Jair Bolsonaro, who took power on Tuesday, Castello Branco had said in a June newspaper column he thought Petrobras - as the company is known - should be privatized, a hardcore proposal even in an administration packed with free market advocates.He has walked back on that idea since being named as CEO in November…
Petrobras' Next CEO Already Working Inside Company
Petroleo Brasileiro SA's next CEO is already working within the Brazilian state-controlled oil firm and is talking with employees about business plans, four sources told Reuters.Roberto Castello Branco, named by president-elect Jair Bolsonaro's economic team to take the helm at Petrobras, is expected to take up the chief executive role next year pending approval by the company's board.However, the sources, who spoke on condition of anonymity, said Castello Branco already had access to internal documents and had taken part in discussions around Petrobras' new five-year strategic plan…
Revisions to Petrobras' Investment Plan Likely
Brazil's right-wing President-elect Jair Bolsonaro is likely to revise the just-announced investment plans of state-controlled oil company Petroleo Brasileiro SA, newspaper O Estado de S.
Petrobras Units Could be Sold Under New CEO
Brazil's right-wing President-elect Jair Bolsonaro said on Monday that certain units of Petroleo Brasileiro could be privatized, even though the state-run company is strategic for the state.Speaking to reporters after his team named Chicago University-trained economist Roberto Castello Branco as the next chief executive of Petrobras, Bolsonaro said its outgoing boss, Ivan Monteiro, could go to state-run Banco do Brasil, the country's largest, although no decision has been taken.(Reporting by Rodrigo Viga Gaier Editing by Chizu Nomiyama)
Castello Branco Named Petrobras CEO
Brazil's incoming far-right government on Monday tapped a University of Chicago-trained economist with experience in the oil sector to be the chief executive of state-controlled Petroleo Brasileiro SA, amid a debate over privatization of the company's assets.The nomination of Roberto Castello Branco is the latest in a string of business-friendly appointments by President-elect Jair Bolsonaro, who takes office on Jan. 1.Castello Branco, a member of Petrobras's board until 2016, has also held executive positions at Brazil's central bank and at iron ore miner Vale SA.He will take over from Ivan Monteiro…
Bolsonaro Approached Castello Branco About Being Petrobras CEO
Brazilian President-elect Jair Bolsonaro's team approached Roberto Castello Branco, a former board member at state-controlled Petroleo Brasileiro SA (Petrobras), about the possibility of his becoming its new chief executive, two people with knowledge of the matter said on Tuesday.The sources, who asked for anonymity because they were not authorized to speak on the matter publicly, said Castello Branco initially turned down the idea. Bolsonaro's main advisers did not immediately comment on…
Petrobras CEO Parente Resigns
Petroleo Brasileiro SA's chief executive quit on Friday in a surprise move that wiped $12 billion off the state-controlled oil producer's market valuation, after Brazil's government responded to a national trucking strike by intervening in the company's fuel pricing policy.Pedro Parente, who in two years in the job had succeeded in slashing the scandal-plagued company's debt and restoring it to profitability, said in a resignation letter to President Michel Temer it was clear after the last week's turmoil that new talks would be needed on pricing policy."Given this situation…
Petrobras Board Member Makes Rare Attack on Brazil Oil Policy
Brazil's oil-exploration and local-content policies harm oil producer Petróleo Brasileiro SA and the nation as a whole, a government-appointed member of the state-run company's board said on Tuesday in a rare show of board-member independence. The comments were made by Roberto Castello Branco, who was named earlier this year by President Dilma Rousseff's administration to be one of the government's seven representatives on the board of Petrobras, as the company is known. Speaking to reporters in Rio de Janeiro…
