|Bid||0.00 x 45100|
|Ask||8.27 x 27000|
|Day's range||7.48 - 7.89|
|52-week range||4.01 - 16.95|
|Beta (5Y monthly)||2.05|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||28 Apr 2020|
|1y target est||13.49|
Brazil's investors were ebullient today. Shares of Brazilian stocks of all sorts shot out of the gate Tuesday morning along with the broader market, with financial firms Banco Bradesco (NYSE: BBD) and Itau Unibanco (NYSE: ITUB), meat processor BRF (NYSE: BRFS), and oil major Petroleo Brasileiro (NYSE: PBR) (NYSE: PBR.A) all notching gains of roughly 10% or more in early trading.
Brazil's centre-south region produced 2.5 million tonnes of sugar in the first half of May, up 55% from a year earlier, as mills continued to favor sweetener production over ethanol. According to industry group Unica, mills allocated 47.2% of the cane to sugar production in the period, versus 36% a year earlier. Unica's technical director Antonio de Padua Rodrigues said ethanol has been priced competitively in the market, which has allowed the biofuel to gain share from gasoline at pumps.
Norway's Equinor ASA, Brazil's Dommo Energia SA and Anglo-French firm Perenco are among at least six oil producers that have registered coronavirus cases among employees or contractors at facilities off the coast of Brazil, according to industry and regulatory sources. Royal Dutch Shell PLC and Brazil's Enauta Participacoes SA have registered one case each. Hundreds of cases have been recorded at oilfields operated by state-run Petrobras.
Today with us is Roberto Castello Branco [Technical Issue] Andre Barreto Chiarini, Chief Logistics Officer, Carlos Alberto Pereira de Oliveira, Chief Exploration and Production Officer; [Technical Issue] Chief Digital Transformation and Innovation Officer; Roberto Ardenghy, Chief Institutional Relations Officer; Rudimar Lorenzatto, Chief Production Development Officer, as well as other company's executives. The presentation will be available on our website.
North American midstream companies Enbridge (ENB) and TC Energy (TRP) reported better-than-expected Q1 bottom line numbers, while Brazil's Petrobras (PBR) missed earnings estimate.
Petrobras (PBR) generated positive free cash flow for the 20th consecutive quarter, with the metric surging to $5,911 million from $3,132 million recorded in last year's corresponding period.
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. Storage capacity for crude oil and gasoline is not proving to be an issue, they added.
Petrobras has warned its shareholders that the coronavirus pandemic could leave a permanent mark on the global economy, including on consumer behaviors, as it reported a first-quarter loss and massive writeoffs on assets that have stopped being economical
Brazil's Petrobras took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday, warning investors that changes in consumer behavior resulting from the coronavirus pandemic would likely be permanent. The impairment led Petroleo Brasileiro SA, as the firm is formally known, to book a first-quarter net loss of 48.5 billion reais. Total impairments came to 57.6 billion reais for its deepwater assets, including the massive Marlim Sul oilfield, and 6.6 billion reais at its shallow-water fields.
(Bloomberg) -- Petrobras, the Brazilian producer tapping some of the largest offshore oil finds this century, is confronting a Covid-19 outbreak in exploration platforms as the pandemic gains speed in the country.At the Xareu exploration project off the coast of Ceara, 42 out of 45 employees at two platforms tested positive and were transferred to a hotel to stay in isolation, the FUP federation of oil-worker unions said on its website Tuesday. Petrobras didn’t immediately respond to a request for comment on Xareu.The Rio de Janeiro-based state-controlled producer has the world’s largest fleet of deep-water production tankers, where workers operate in close conditions, similar to cruise ships that suffered outbreaks at the beginning of the pandemic. Brazil, which has the most cases in Latin America, has also suffered outbreaks at meat-packing and poultry facilities.Also see: In Gulf’s Oil Rigs, Crews Fight Virus to Keep Crude FlowingThe company has implemented fast testing before dispatching offshore oil workers. On Tuesday it said it has carried out more than 8,000 Covid-19 tests to date among staff and contractors, and was one of the first Brazilian companies to carry out testing on a large scale.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Lack of financing for the buyers of Brazil's Petroleo Brasileiro SA refineries may extend the delay in the sale process, three people with knowledge of the matter said. Petrobras, as the company is known, had already extended the deadline for delivery of binding offers for the eight largest, first lot of refineries from early April to early June, following a plunge in oil prices. Petrobras referred to the latest filing postponing the bids, in which it didn't´t give a new firm deadline.
Petrobras has delayed the submission of binding offers for an oilfield cluster known as Polo Garoupa for a fourth time, two sources with knowledge of the matter told Reuters, as investor appetite in Brazil's offshore oil sector rapidly dries up. With annual production of 19,600 barrels of oil equivalent per day according to bidding documents released last year by the state-run oil company, Garoupa is the largest production asset in Petrobras' expansive divestment portfolio. While a number of potential buyers took an initial look at it, including Brazil's Petro Rio SA , Anglo-French firm Perenco and British-based Premier Oil PLC, current low oil prices make the shallow water fields an increasingly hard sell, said the sources, who requested anonymity as they are bound by confidentiality agreements.
(Bloomberg) -- Petrobras, Brazil’s state-controlled oil giant, is plowing through a global oil glut expecting that exports to China will soon rebound, and with extensive storage capacity helping it endure in the meantime.Demand destruction from the Covid-19 pandemic has prompted producers globally to shut in barrels nobody wants. While there’s no real winners with oil prices at historic lows, Brazil may be uniquely situated to weather the crash. Petroleo Brasileiro SA, Petrobras’s official name, cut output in late March and early April, but it’s been largely boosted since. In a report on Monday, the company cited confidence that sales to its biggest crude market by far will rise as China’s recovery from the pandemic expands and factories gear up.Meanwhile, Brazil’s ability to store crude “remains robust,” according to the National Petroleum Agency. It has 159 million barrels of capacity, with more than half at relatively new offshore production projects, the agency reported in response to questions. At the same time, Petrobras’s refineries are increasing the production of in-demand marine fuel, reducing the crude held.Brazil is “certainly better positioned than regional peers,” said Jaimin Patel, a senior credit analyst at Bloomberg Intelligence who covers Latin American oil producers. Even prior to the crisis they had more storage, he said.Petrobras also stands out from Mexico, Colombia and Ecuador who produce lower-quality grades with more limited markets, and lack the deep-water oil factories that give Petrobras additional storage muscle. A single floating production, storage and offloading vessel, known as an FPSO, can hold as much as 2 million barrels. Oil rose after the U.S. reported the biggest jump in gasoline demand since last year, offering hope that consumption could gradually return.Petrobras Chief Executive Officer Roberto Castello Branco, in recorded comments with local media on April 22, said he was more worried about selling at a profit than finding a home for the oil, even as he recognized that global storage was reaching a limit. “The Chinese economy is showing signs of a recovery,” Branco said ”There’s capacity to absorb a good volume of exports.”He pointed to marine fuel that can be made cheaply from Brazil’s particular crude grade, and said ethanol will now be even less competitive than Petrobras’s gasoline.Crude export to China have tripled since 2013, according to data compiled by Bloomberg.To be sure, Petrobras has plenty of concerns from the biggest oil glut in history. Even if Petrobras finds a home for its oil, it still needs to do something with all the natural gas that comes out of the same wells and can’t simply be shut off. Low natural gas demand from Brazilian industry is an additional threat to Brazil’s offshore production, according to Wood Mackenzie, an energy consultancy.At the same time, unions have cited more than 1,000 suspected Covid-19 cases at offshore facilities where, similar to cruise ships, close quarters facilitate contagion. Petrobras said Monday it is testing platform workers.Brazil Sugar, Ethanol Industry Seeks Support in ‘Perfect Storm’.Still, Petrobras entered the oil crisis in a stronger position than other regional exporters, and will be in a better position to resume growth and regain market share when global demand for oil starts to grow again. Petrobras referred to its production and sales report when contracted by Bloomberg.“The main difference is Brazil is still in expansion mode, despite the cuts, and it’s going to be a longer-term gain,” said Ixchel Castro, an oil and refining markets manager for Latin America at Wood Mackenzie. “You’ll continue to see more barrels from Brazil, even if at a slower pace.”(Adds comment on oil prices in 5th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Brazilian state-run oil firm Petrobras has reversed most of its previously announced production cuts due to higher-than-expected demand for some fuels, it said on Monday, a surprising turnaround that may be tied to an aggressive bet on bunker fuel. In a Monday securities filing with first-quarter production figures, Petroleo Brasileiro SA , as the firm is formally known, noted that it initially decided to cut April oil production to 2.07 million barrels per day (bpd). The reversal suggests Petrobras is confident in demand for its production mix even as rival oil majors scale back and the Organization of the Petroleum Exporting Countries orchestrates deep cuts in the face of rock-bottom oil prices.
Brazil’s offshore oil boom is under threat from low oil prices, and a poor demand outlook which have discouraged foreign investors to commit to long term projects
ExxonMobil (XOM) pares 2020 capital spending budget by 30%, while Equinor (EQNR) announced an oil discovery in the U.S. Gulf of Mexico.
A move by Brazil's Petrobras on Thursday to slash output, capital spending and dividends brings the state-run oil firm into alignment with global rivals confronted with a global pandemic and a plunge in crude prices. Petrobras has thrilled investors over the last two years with its rapid-fire sale of dozens of non-core assets, as the company's management pushes to drive down debt. Brazil-listed preferred shares in Petroleo Brasileiro SA , as the firm is formally known, are off over 50% this year, among the worst performers of all major, publicly listed oil companies.