|Bid||15.32 x 45900|
|Ask||15.41 x 1800|
|Day's range||15.20 - 15.73|
|52-week range||11.89 - 17.90|
|Beta (5Y Monthly)||1.97|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||0.28 (1.74%)|
|1y target est||19.91|
2020 could see a number of high-profile oil auctions, and where 2019 was a mixed bag in terms of asset assets, this year is shaping up to be more promising
(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 email@example.comTo contact the editors responsible for this story: Simon Casey at firstname.lastname@example.org, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The U.S. crude benchmark finished sharply lower last week amid speculation that OPEC and its allies are deeply divided over Saudi Arabia's push for deeper production cuts.
Norway's $1 trillion (779.4 billion pounds) 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.
Petrobras (PBR) is committed to investing in deepwater and ultra-deepwater assets, especially pre-salt, which is likely to generate maximum returns.
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.
(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 email@example.com;Andy Hoffman in Geneva at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, ;James Herron at firstname.lastname@example.org, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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
Saudi Aramco’s much-anticipated initial public offering is almost here, and its proposed dividend yields may be able to shed some light about its potential valuation
Foreign oil companies that have not joined Brazil's last two auctions of offshore "pre-salt" fields are also unlikely to bid next year, BP Plc's Brazil president told newspaper Valor Economico in an interview published on Wednesday. Adriano Bastos argued that, even if the pre-salt areas that have not received any bids are auctioned again with better terms, other projects elsewhere in the world will attract such multinational oil firms, reducing their capacity to invest in Brazil, according to the paper. "Capital that has not yet come to Brazil will not come next year.
Petrobras (PBR) generated positive free cash flow for the 18th consecutive quarter, with the metric surging to $6,480 million from $2,049 million recorded in last year's corresponding period.
Brazilian energy and logistics group Cosan SA awaits a government change in Argentina to better evaluate potentially negative impacts from fuel prices freeze to its subsidiary Raízen Combustíveis, an executive said on Tuesday. Cosan is a partner of Royal Dutch Shell Plc in the JV Raízen, which suffered losses in Argentina with a $55 million inventory in the third-quarter after the Argentinian government decided to freeze prices in August, the company said. In a call with investors to discuss Cosan's third-quarter results, during which Argentina was the main topic, the head of Investors Relations Phillipe Casale said it is unclear yet how the political and macroeconomic situation will evolve after Peronist Alberto Fernández takes over the presidency.
RIO DE JANEIRO/LONDON (Reuters) - As the weeks ticked down to Brazil's biggest-ever oil auction, state-run Petrobras held increasingly frantic talks to find potential partners, with the heaviest blow coming when major Exxon Mobil Corp pulled out days before, according to six people familiar with the matter. While many firms were far from ready to take on enormous signing fees and investments, Exxon came closest but ultimately failed to reach acceptable terms for the blockbuster bidding round, according to four of the sources, who requested anonymity to discuss confidential negotiations. The big Brazilian round was the latest offshore auction this year to undershoot expectations, hurt by competition from shale oil and other unconventional sources as well as lower demand forecasts.
Major global oil firms snubbed a second Brazilian oil auction in a row on Thursday, passing up offshore blocks and forcing officials to reconsider a bidding system that gives a privileged position to state-run Petroleo Brasileiro SA . The only block awarded in Thursday's bidding went to Petrobras, as the Brazilian state-run firm is known, and Chinese state firm CNODC, a unit of China National Petroleum Corp, which offered the minimum bid. The result, following a lack of foreign interest in an even bigger Wednesday round, was a wake-up call to those who expected this week to crown Brazil as uncontested champion of the Latin American oil industry.